Despite USA Threats, India Buying Huge Amount Of Oil From... Can you guess which Country is on the Top?

frame Despite USA Threats, India Buying Huge Amount Of Oil From... Can you guess which Country is on the Top?

SIBY JEYYA
Despite American prohibitions and tariff threats, india increased its imports of Russian crude oil in June, a trend that has persisted for about a year. As a result of West Asian tensions, particularly the war between israel and Iran, refiners are stockpiling oil.
 
Last month, india purchased 2.08 million barrels per day (bpd) of crude oil from russia, according to data from the international commodity tracking company Kpler.  Since July 2024, this has been the highest.  Of the nations from which india purchases crude oil, russia leads the pack.  Saudi Arabia, iraq, and other countries follow Russia.

What are the statistics for June?
India's global crude oil imports decreased by 6% in June, according to a note from the Center for Research on Energy and Clean air (CREA).  However, imports from russia increased by 8%.  Since July 2024, this has been the highest.  CREA added that three indian refineries were responsible for more than half of these imports from Russia. Refined goods from these refineries are also exported to G7+ nations.

Why Russian oil?
Over 85% of India's demand for crude oil is imported.  The Middle east used to be the main source.  However, russia has emerged as the biggest provider in the past three years.  Following Russia's invasion of ukraine in february 2022, Western nations placed sanctions on the country.  Due to this, Russian manufacturers were compelled to provide steep discounts.  Indian refineries began purchasing oil from russia as a result.  Currently, over 40% of India's total imports of crude oil come from Russia.

Which country is supplying how much oil to India?
With 2.08 million barrels of crude oil imported daily (bpd), russia is India's biggest oil supplier.  The second-largest supplier of oil to india is Iraq.  Iraq supplied 893,000 barrels of oil per day in June.  This represents a 17.2 percent decrease from the prior month.  While oil shipments from the uae rose 6.5% to 490,000 bpd, with the USA coming in sixth with 303,000 bpd, saudi arabia supplied 581,000 bpd to India.
 
Kpler data shows that 18.5 percent of India's oil imports come from iraq, 12.1 percent from saudi arabia, 10.2 percent from the United Arab Emirates, and 6.3 percent from the United States.

 

 

Find Out More:

Related Articles: