India imported record volumes of russian oil in January

In January, India imported a record 1.4 million barrels of oil per day from russia, which is 9.2% higher than in December.

russia remains the largest supplier of oil to India, followed by Iraq and Saudi Arabia, Reuters reports citing data from industry sources.

The total volume of oil imports by India in January reached 5 million barrels per day, the share of oil from russia was 27%. India is the third largest importer and consumer of oil in the world.

Previously, Indian refineries rarely bought russian oil due to the high cost of supply, but after the start of the russian-instigated full-scale war in Ukraine, India increased its imports of oil from russian federation, as it began to be sold at a large discount.

As noted by enkorr, the volume of oil imports from Iraq to India in January increased by 11% compared to the previous month and reached a 7-month high of 983 thousand barrels per day.

In the first 10 months of the financial year (from April to January), Iraq became the largest supplier of oil to India. Russia came in second place, overtaking Saudi Arabia.

The share of oil from the Middle East in India’s total oil imports fell to a record low of 48% amid increased supplies from russia.