NEW DELHI: India’s imports of Russian crude oil dropped by 55% in November making the lowest since June 2022, the Centre for analysis on power and clear air (CREA) stated in its newest report. Despite this decline, Russia stays the most important supply of oil for India.
“India’s imports of Russian crude oil dropped by a massive 55 per cent in November – the lowest figure since June 2022,” it stated.
Since Russia’s invasion of Ukraine in February 2022, India has turn into the second-largest purchaser of Russian crude, with its purchases surging from lower than 1% to just about 40% of the nation’s whole oil imports.
In November, India’s whole crude oil imports noticed an 11% month-on-month decline, with Russian crude experiencing the sharpest drop of 55%. India depends on imports for over 85% of its crude oil, which is then refined into fuels like petrol and diesel.
Further, China accounted for 47% of Russia’s crude oil exports, whereas India bought 37%, with the European Union and Turkey every importing 6%. CREA didn’t present precise figures for these exports.
“China has bought 47 per cent of Russia’s crude exports, followed by India (37 per cent), the EU (6 per cent), and Turkey (6 per cent),” the report stated.
In December 2022, the Group of Seven (G7) nations, the European Union, and Australia imposed an embargo on Russian crude and set a $60 per barrel value cap in an effort to limit funding for Russia’s battle efforts.
Over the next yr, the worth cap and embargo considerably impacted Russia’s revenues, prompting the nation to hunt new markets and different strategies of transporting its oil. To adapt, Russia started providing steep reductions on its Urals-grade crude.
