Rosneft imports by India reached a record 1.6 million barrels per day
7.03.2023 - 16:50
India’s oil imports from russia exceed the combined imports of traditional suppliers Iraq and Saudi Arabia.
A year ago, russian oil accounted for less than 1% of India’s import basket. In February 2023, the share of Rosneft in Indian imports increased to 1.62 million barrels per day — 35% of total oil imports, Financial Express reports with reference to data from Vortexa.
The increase in the share of russian energy carriers took place at the expense of Saudi Arabia and the USA. Oil imports from Saudi Arabia fell 16% from the previous month, while imports from the US fell 38%.
Refiners’ appetite to import russian barrels is likely to remain high as long as russia continues to offer huge discounts on its oil, said Vortexa head of Asia-Pacific analysis Serena Huang. Recently, USM wrote that India is buying Rosneft much cheaper than the “price ceiling”.
