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| India, Asia's second-largest refiner after China, imports about 40% of its crude from Russia, with volumes growing exponentially. (Source: Getty) |
On November 24, according to RIA Novosti news agency, the EU imported 7.9 million tons of refined petroleum products from India from January to September 2023, more than double the same period last year and three times higher than in 2021.
This year's refined petroleum product volumes have pushed the South Asian country from sixth place in 2022 to second place in 2023 with France, the Netherlands and Italy being the three largest importers, followed by Croatia, Latvia, Romania and Germany.
India, Asia's second-largest refiner after China, imports about 40% of its crude from Russia, with volumes growing exponentially.
Earlier, on August 9, Vedomosti (a Russian-language business and trade daily) cited data from the Indian Ministry of Industry and Trade as saying that Russian oil exports to India had skyrocketed to 37 million tons in the first five months of 2023.
According to the data, the volume of Russian crude oil exported to India exceeded deliveries in the same period of 2022 by almost 11 times and was higher than this figure for the whole of 2022. In 2022, New Delhi imported 33.4 million tons of crude oil from Russia.
During the reporting period, Russia emerged as India's top crude oil supplier, followed by Iraq (21.4 million tonnes) and Saudi Arabia (17.5 million tonnes).
India’s crude oil imports continued to rise during the summer, hitting a record high of 2.2 million barrels per day in June and rising for the 10th consecutive month, according to commodity analytics firm Kpler.
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