India’s Russian Crude Oil Imports Plunge 55% in November, Lowest Since June 2022
NEW DELHI: India’s imports of Russian crude oil dropped sharply by 55% in November, reaching the lowest level since June 2022, according to the Centre for Research on Energy and Clean Air (CREA). Despite the significant decline, Russia remains India’s top supplier of crude oil.
“India’s imports of Russian crude fell dramatically by 55% in November, marking the lowest level since mid-2022,” CREA noted in its latest report.
Since Russia’s invasion of Ukraine in February 2022, India has emerged as the second-largest buyer of Russian crude oil. Purchases surged from less than 1% to nearly 40% of India’s total oil imports, underscoring a strategic shift in sourcing energy.
In November, India’s overall crude oil imports declined by 11% compared to the previous month, with Russian crude registering the steepest drop at 55%. Notably, India depends on imports for over 85% of its crude oil needs, which is refined into fuels like petrol and diesel.
China Dominates Russia’s Crude Oil Exports
While India accounted for 37% of Russia’s crude oil exports in November, China led the market with 47%, according to CREA. The European Union and Turkey followed with 6% each. The report, however, did not disclose precise export figures.
“China purchased 47% of Russia’s crude oil exports in November, while India followed with 37%. The EU and Turkey each accounted for 6%,” the report highlighted.
Impact of Western Sanctions on Russian Oil
In December 2022, the G7 nations, the European Union, and Australia imposed a price cap of $60 per barrel on Russian crude and introduced an embargo to curtail funding for Russia’s war efforts in Ukraine. Over the past year, these measures have significantly dented Russia’s oil revenues.
To counter these challenges, Russia sought new markets and alternative trade methods. Additionally, it began offering substantial discounts on its Urals-grade crude oil, appealing to countries like India and China.
This strategic adaptation reflects Russia’s efforts to mitigate the financial impact of the sanctions while maintaining its position in global energy markets.
