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New Delhi
India strengthened its position as Russia’s second-largest crude oil buyer in May, with imports of Russian oil rising 21% month-on-month as refiners continued to take advantage of discounted supplies despite ongoing geopolitical pressures and sanctions on Moscow.
According to a report by the Centre for Research on Energy and Clean Air (CREA), India’s overall crude oil imports increased by 8% in May, with Russian crude accounting for the bulk of the growth. Crude oil represented nearly 83% of India’s imports from Russia, valued at around €4.8 billion during the month. Oil products and coal imports from Russia were valued at €550 million and €429 million respectively.
The report said India remained the world’s second-largest buyer of Russian fossil fuels after China. While China accounted for nearly half of Russia’s crude exports in May, India’s share stood at about 36%, underlining the continued importance of Russian supplies to India’s energy basket.
Major refining hubs recorded a sharp rise in Russian crude arrivals. Deliveries to Gujarat’s Vadinar refinery increased 36% from April levels, while the Jamnagar refining complex saw a 14% rise. State-owned refineries also stepped up purchases, with Russian crude imports at New Mangalore rising 13% and Visakhapatnam surging 42%. Paradip refinery in Odisha reportedly unloaded its highest volume of Russian crude in two years.
India emerged as a major buyer of Russian oil after Western sanctions reshaped global energy markets following the Ukraine conflict. Discounted Russian crude has helped Indian refiners manage costs and maintain fuel supplies, even as New Delhi continues efforts to diversify energy imports from the Middle East, Africa and the United States.
