India's Crude Oil Imports From Russia In February 2023
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India’s crude oil imports from Russia have seen a significant surge, surpassing imports from traditional suppliers Iraq and Saudi Arabia. The availability of Russian oil at a discount compared to other grades has made it attractive to Indian refiners, allowing them to enjoy a boost in refining margins. This shift in oil sources has been beneficial for India, as it has allowed them to diversify its sources of oil and reduce its dependence on traditional suppliers.
Surge In Russian Crude Oil Imports
India has seen a surge in its imports of crude oil from Russia, with February 2023 setting a record of 1.6 million barrels/day. This figure is higher than the combined imports from traditional suppliers Iraq and Saudi Arabia. Russia has become the single largest supplier of crude oil for India for the fifth consecutive month, accounting for more than one-third of all oil imports.
Increasing Dependence On Russian Crude Oil
The market share of Russian crude oil imports in India’s basket before the start of the Russia-Ukraine conflict in February 2022 was less than 1%. However, this figure has now risen to 1.62 million barrels/day, taking a 35% share. This is mainly because Russian oil is available at a discount compared to other grades, making it attractive to Indian refiners.
Russian Crude Oil Imports’ Impact
The increasing dependence on Russian crude oil has come at the expense of imports from Saudi Arabia and the US. Oil imports from Saudi Arabia fell 16% month-on-month, while imports from the US declined 38%. UAE has now overtaken the US to become the fourth largest supplier to India, supplying 4,04,570 bpd.
Insight
Indian refiners are reaping the benefits of processing discounted Russian crude, as it has allowed them to enjoy a boost in refining margins. This shift in oil sources has been beneficial for India, as it has allowed them to diversify its sources of oil and reduce its dependence on traditional suppliers.
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