Oil refiners in India managed to increase their purchases of Russian crude oil by 50 times during the period from April to June. About it reports The Economic Timesciting sources.
Today, Russian raw materials account for 10% of all crude oil that India purchases from abroad. Until February 24, the indicator did not exceed the level of 0.2% of the total volume of such purchases.
“Russia is one of the ten main suppliers of oil to India,” the source said. “In May, Russia managed to overtake Saudi Arabia and became the second largest exporter of raw materials to the republic after Iraq.”
It is noted that India took advantage of the situation when the Russian Federation began to sell oil at a discount of up to $30 per barrel, at the same time world energy prices literally soared. In May, India bought about 25 million barrels of Russian oil. After the United States and China, the state is the world’s largest consumer of oil, over 85% of which is purchased abroad. Up to 40% of Russian oil was purchased by private oil refiners Reliance Industries and Nayara Energy.
Between May 27 and June 15 import of Russian oil to India increased by 31 times compared to the same period last year. The total cost of purchased oil was about $2.22 billion.