Not Saudi Arabia now Russia is India's Second Biggest Oil Exporter: Report
Sunday, June 26, 2022
  • Circulation
  • Advertise
  • About Us
  • Contact Us
Organiser
  • ‌
  • Bharat
  • World
  • Editorial
  • Analysis
  • Opinion
  • Defence
  • Sports
  • Business
  • More
    • RSS in News
    • Special Report
    • Culture
    • Sci & Tech
    • Entertainment
    • Education
    • Books
    • Interviews
    • Travel
    • Health
    • Obituary
SUBSCRIBE
No Result
View All Result
Organiser
  • ‌
  • Bharat
  • World
  • Editorial
  • Analysis
  • Opinion
  • Defence
  • Sports
  • Business
  • More
    • RSS in News
    • Special Report
    • Culture
    • Sci & Tech
    • Entertainment
    • Education
    • Books
    • Interviews
    • Travel
    • Health
    • Obituary
No Result
View All Result
Organiser
No Result
View All Result
  • Home
  • Bharat
  • World
  • Editorial
  • Opinion
  • Analysis
  • Culture
  • Defence
  • RSS in News
  • Subscribe
Home Bharat

Not Saudi Arabia now Russia is India’s Second Biggest Oil Exporter: Report

Indian refiners received about 819,000 barrels per day (bpd) Russian oil, the highest thus far in any month, compared to about 277,00 in April, the data showed.

WEB DESK by WEB DESK
Jun 13, 2022, 09:37 pm IST
in Bharat
Share on FacebookShare on TwitterTelegramEmail

Russia rose to become India’s second-biggest supplier of oil in May, pushing Saudi Arabia into third place but still behind Iraq which remains No. 1, data from trade sources showed.

In May, Indian refiners received about 819,000 barrels per day (bpd) Russian oil, the highest thus far in any month, compared to about 277,00 in April, the data showed.

Western sanctions against Russia for its invasion of Ukraine prompted many oil importers to shun trade with Moscow, pushing spot prices for Russian crude to record discounts against other grades.

That provided Indian refiners, which rarely used to buy Russian oil due to high freight costs, an opportunity to snap up low-priced crude.

Russian grades accounted for about 16.5 per cent of India’s overall oil imports in May, and helped raise the share of oil from the C.I.S. countries to about 20.5%, while that from the Middle East declined to about 59.5 per cent, the data showed.

The share of African oil in India’s crude imports last month surged to 11.5 per cent from 5.9 per cent in April, the data showed.

“Diesel is calling the tune … if you want to boost production of diesel and jet fuel then you need Nigerian and Angolan grades. China has cut imports of Angolan grades because of COVID-related shutdowns so some of these barrels are going to Europe and some to India,” said Ehsan Ul Haq, analyst with Refinitiv.

He said apart from availability of cheaper Russian barrels, higher official selling prices of Middle Eastern oil also pushed Indian refiners to buy Nigerian crude.

India’s oil imports in May totalled 4.98 million bpd, the highest since December 2020, as state refiners raised output to meet growing local demand while private refiners turned focus to gain from exports, the data showed.

India’s oil imports in May were about 5.6 per cent up from the previous month and about 19 per cent from a year earlier, the data obtained from sources showed.

India has defended its purchase of “cheap” Russian oil saying imports from Moscow made only a fraction of the country’s overall needs and a sudden stop would drive up costs for its consumers.

Higher oil imports from Russia, curbed OPEC’s share in India’s overall imports to 65 per cent in April.

Topics: RussiaIndiaSaudi ArabiaOil
Share1TweetSendShareSend
Previous News

Bengal Assembly passes bill to replace Governor with CM as chancellor of state universities

Next News

Spiritual Diplomacy: Sri Buddha’s holy relics to enhance India-Mongolia relations

Related News

‘Congress snatched Constitutional rights of every Indian overnight for power’: Amit Shah on 47 years of Emergency

‘Congress snatched Constitutional rights of every Indian overnight for power’: Amit Shah on 47 years of Emergency

At UNSC briefing on Afghanistan India expresses grief over tragic earthquake, vows to provide support

At UNSC briefing on Afghanistan India expresses grief over tragic earthquake, vows to provide support

China’s appalling behaviour in South China Sea akin to what India saw at LAC: Australian Defence Minister

China’s appalling behaviour in South China Sea akin to what India saw at LAC: Australian Defence Minister

India reports 12,249 new COVID cases, 13 deaths

Presidential Election: Gopalkrishna Gandhi Declines Opposition’s Offer To Be Presidential Candidate

Presidential Election: Gopalkrishna Gandhi Declines Opposition’s Offer To Be Presidential Candidate

Relations with ‘Afghan people’ continues & this guides Indian policy, says Jaishankar

Pakistan’s Cross border terror can’t force India to talks, says EAM Dr S Jaishankar

Comments

The comments posted here/below/in the given space are not on behalf of Organiser. The person posting the comment will be in sole ownership of its responsibility. According to the central government's IT rules, obscene or offensive statement made against a person, religion, community or nation is a punishable offense, and legal action would be taken against people who indulge in such activities.

Latest News

After Teesta Setalvad, Ex-IPS officer RB Sreekumar arrested for furnishing false information about Gujarat riots

After Teesta Setalvad, Ex-IPS officer RB Sreekumar arrested for furnishing false information about Gujarat riots

‘Sneha Bodhi’ unveiled at Kesari headquarters: “Buddha’s philosophy led Bharat to a higher truth,” says J Nandakumar

‘Sneha Bodhi’ unveiled at Kesari headquarters: “Buddha’s philosophy led Bharat to a higher truth,” says J Nandakumar

Gujarat anti-terrorist squad team arrests Teesta Setalvad in Mumbai

Gujarat anti-terrorist squad team arrests Teesta Setalvad in Mumbai

Rebel MLAs should ask for votes in their father’s name, not in the name of Balasaheb, says CM Uddhav Thackeray

Rebel MLAs should ask for votes in their father’s name, not in the name of Balasaheb, says CM Uddhav Thackeray

Communist China uses textbooks as new weapons of propaganda to brainwash Hong Kong school children

Communist China uses textbooks as new weapons of propaganda to brainwash Hong Kong school children

Maharashtra Political Crisis: Eknath Shinde-led rebel MLAs name their faction ‘Shiv Sena Balasaheb’

Maharashtra Political Crisis: Eknath Shinde-led rebel MLAs name their faction ‘Shiv Sena Balasaheb’

That’s when I knew I wanted to do that too: Sachin Tendulkar reminisces over India’s triumph in 1983

That’s when I knew I wanted to do that too: Sachin Tendulkar reminisces over India’s triumph in 1983

Mayawati extends support to NDA’s presidential candidate Draupadi Murmu, slams Opposition’s casteist attitude

Mayawati extends support to NDA’s presidential candidate Draupadi Murmu, slams Opposition’s casteist attitude

Maharashtra crisis: 46 MLAs with us, we are Balasaheb Thackeray’s Shiv Sainiks, says Eknath Shinde

Maharashtra political crisis: Eknath Shinde calls meeting of rebel MLAs to discuss further strategy

4000-year-old copper weapons found in Uttar Pradesh’s Mainpuri date back to the Mahabharata period?

4000-year-old copper weapons found in Uttar Pradesh’s Mainpuri date back to the Mahabharata period?

  • Privacy
  • Terms
  • Cookie Policy
  • Refund and Cancellation
  • Delivery and Shipping Policy

© Bharat Prakashan (Delhi) Limited.
Tech-enabled by Ananthapuri Technologies

No Result
View All Result
  • Home
  • Bharat
  • World
  • Editorial
  • Analysis
  • Opinion
  • Defence
  • Culture
  • Sports
  • Business
  • RSS in News
  • Special Report
  • Sci & Tech
  • Entertainment
  • Education
  • Books
  • Interviews
  • Travel
  • Health
  • Obituary
  • Subscribe
  • Advertise
  • Circulation
  • About Us
  • Contact Us
  • Privacy Policy
  • Cookie Policy
  • Terms of Use
  • Refund and Cancellation

© Bharat Prakashan (Delhi) Limited.
Tech-enabled by Ananthapuri Technologies