India’s crude oil imports from Russia increased 15% in May, surpassing the combined capacity from Saudi Arabia, Iraq, the United Arab Emirates and the US, according to real-time energy cargo tracker Vortexa.
Russia supplied India with around 1.96 million barrels a day (bpd) in May, whereas Iraq exported 830,000 bpd, the UAE provided 203,000 bpd and the US supplied 138,0000 bpd. Crude oil supply from Saudi Arabia, meanwhile, fell to 560,000 bpd, the lowest level since February 2021.
Russian oil constituted around 42% of India’s total imports in May, the highest share of any country in recent years.
OPEC members contributed 39% of India’s oil imports in May, amounting to 1.8 million bpd, a decrease from 2.1 million bpd in April.
The European Union (EU) and G7 countries banned seaborne crude exports from Russia by Dec. 5 last year and imposed a crude oil price cap of $60 per barrel.
As a result, Russia sought new export destinations for its oil exports, with China and India emerging as the largest importers of cheaper Russian petroleum, resulting in virtually no change in Russia’s crude export volumes but at much higher levels.
