Russia Becomes The No. 1 Oil Supplier For India, Dominates Arab Countries
Russia has become the biggest oil supplier for India in October, 2022 by dominating the Arab countries. The crude oil import went up 8% in the October month.
According to the energy cargo tracker Vortexa, Russia has surpassed the historically dominating suppliers Saudi Arabia and Iraq to become India’s main oil supplier.
The largest recorded monthly crude supply from Russia to India was 946,000 barrels per day in October. It supplied 22% of India’s total oil imports, surpassing Saudi Arabia’s 16% and Iraq’s 20.5%.
According to energy intelligence company Vortexa, total crude imports increased by 5% in October compared to September, with imports from Russia increasing by 8%.
The largest recorded monthly crude supply from Russia to India was 946,000 barrels per day in October. It supplied 22% of India’s total oil imports, surpassing Saudi Arabia’s 16% and Iraq’s 20.5%.
According to Vortexa, an energy intelligence company with offices in Singapore and London that watches oil and gas tankers across the world and provides freight and inventories analytics, global crude imports increased by 5% in October compared to September, while those from Russia increased by 8%.
India purchased 34% more seaborne Russian crude than the EU for the first time; both countries’ import volumes.
China continued to be the biggest consumer of Russian seaborne crude, importing 1 million barrels daily in October.
Additionally, a record-breaking 106,000 barrels per day of fuel oil were imported by India from Russia in October.
The substantial discounts that followed Ukraine’s February incursion led to the rapid surge in Russia’s position in the Indian market from less than 1% in 2021.
The conflict and the ensuing Western sanctions caused market instability and raised prices, but they also drove Russia to sell its petroleum at a significant discount.
According to the most recent data from the energy ministry, Eurasia, which includes Russia, Kazakhstan, and Azerbaijan, increased its contribution from 5% to 21% between April and September of last year.
As a result, the total proportion of North America, South America, and Africa has decreased by almost half to 18% from a year earlier, while the Middle East’s share has stayed essentially the same at roughly 59%.
