In January, India's imports of Russian oil accounted for 27%, a record high.

(Associated Press)

[Financial Channel/Comprehensive Report] The war between Russia and Ukraine in February last year caused energy prices to soar. Even though Western countries imposed sanctions on Russia, India still took the opportunity to buy a large amount of cheap Russian oil. In January, India’s oil imports from Russia climbed to 1.4 million barrels per day, an increase of 9.2% from December last year, hitting a new high.

According to Reuters, India is the third largest oil consumer in the world. In January, it imported a total of 5 million barrels of crude oil, of which Russian oil imports accounted for 27%. In fact, due to high logistics costs, before the Russia-Ukraine conflict, India rarely Buy Russian oil, but India has become one of the main buyers of Russian oil after the Russian oil discounted heavily.

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According to statistics, from April last year to January this year, Iraq was the largest oil supplier to India, while Russia, which was not on the list before, surpassed Saudi Arabia and ranked second. to No. 3.

Due to India's large purchase of Russian oil, India's crude oil imports from Middle East countries fell to 48%, a new low.

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