Russia's share in India's total crude oil imports has increased to 42 percent.New Delhi:
India's cheap crude oil imports from Russia have reached a record high in May. Industry data shows that now imports from Russia have surpassed the figure of oil purchased collectively from Saudi Arabia, Iraq, the United Arab Emirates (UAE) and the US.
India imported 19.6 million barrels of crude oil per day from Russia in May, up 15 per cent from the previous high in April, according to data from Vortexa. But it has increased.
The share of Russian oil in India's imports has been steadily increasing since Russia's attack on Ukraine in February last year. This is the eighth consecutive month when Russia remains India's largest supplier.
Oil imports from Saudi Arabia fell to 5,60 tonnes in May. This is the lowest level since February 000. In May, the Organization of the Petroleum Exporting Countries( OPEC) share in India's crude oil imports fell to an all-time low of 2021 percent. At one time, OPEC used to account for up to 39 percent of India's oil purchases.
Iraq exported 8,3 barrels per day (bpd) of oil to India in May, while the United Arab Emirates supplied 2,03 bpd. Crude oil is converted into petrol and diesel in refineries.