India has increased its import of Russian oil by 1000% since the beginning of the Russian invasion of Ukraine

Currently, crude oil imports to India depend on the Russian Federation for 40% — the country will import 1,000% more Russian oil than in 2021.

Such data was shared by analysts from BIMCO, writes Splash 24/7.

“To date, volumes have reached an average of 1.6 million barrels per day, which is 1,000% more than in 2021, before the Russian invasion of Ukraine,” said BIMCO’s chief shipping analyst Nils Rasmussen.

The increase in the import of Russian oil by India also affected the increase in the average range of tankers. BIMCO data shows that compared to 2021, the average sailing distance has increased by 25%.

Earlier, India bought almost 70% of marine oil from the Persian Gulf countries. However, increased supplies from the Russian Federation reduced these volumes, and now India imports only 45% from the above-mentioned region.

The change in procurement patterns also had a significant impact on vessels carrying crude oil. So, Aframax and Suezmax tankers transport almost all crude oil from Russia to India. Together, these two vessel types now carry 55% of India’s oil imports. The average age of vessels unloading in India has also increased — the share of tankers operating in India that are over 20 years old has increased from 2% to 13%.

We previously reported that India has become the leader in the import of Russian oil by sea