India buys over one million barrels of oil a day from Russia | Jobi Cool


Moscow remained New Delhi’s important crude oil provider for the third consecutive month.

Russia equipped the South Asian nation with 1.19 million barrels per day in December, up from 909,403 bpd of crude in November and 935,556 bpd in October 2022.

The earlier report for India’s oil imports from Russia was in June final yr, when India purchased 942,694 bpd, in response to Vortexa.

Russia overtook conventional sellers corresponding to Iraq and Saudi Arabia for the primary time in October 2022 and now accounts for 25 % of all oil imported by India, the third largest oil consuming and importing nation.

Indian imports peaked when the EU agreed on a worth cap for Russian marine gasoline.

The South Asian nation buys 85 % of the crude oil it wants after which converts it into fuels corresponding to gasoline and diesel at its refineries.

New Delhi strongly defends its commerce with Moscow, saying it wants to purchase oil the place it’s least expensive.

In December, International Minister Subrahmanyam Jaishankar advised the Rajya Sabha (higher home of parliament) that home refiners will proceed to hunt the most effective presents within the nation’s curiosity.

“We aren’t asking our corporations to purchase Russian oil. We ask our corporations to purchase oil (primarily based on) the most effective deal they’ll get. Now it depends upon what the market throws in,” Exterior Affairs Minister Jaishankar advised lawmakers.

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