Intro
India’s imports of discounted Russian crude oil surged to an all-time high in June, reaching 4.5 billion euros.
NEW DELHI
India’s imports of discounted Russian crude oil surged to an all-time high in June, even as Moscow’s overall global energy revenues experienced a slight dip due to softer international market pricing. Reports confirmed that the South Asian nation has firmly secured its position as the world’s second-largest buyer of Russian fossil fuels, trailing only behind China.
According to the data, India imported Russian crude oil valued at a staggering 4.5 billion euros during June alone, marking a massive 34 percent increase compared to its May figures. This spike in buying occurred alongside a broader 5.4 percent monthly increase in India’s total global oil intake. Local refining giants heavily scaled up their shipments to take full advantage of cheap pricing, with Reliance Industries’ massive Jamnagar facility recording a jaw-dropping 150 percent surge in Russian supply. Similarly, state-run Indian Oil Corporation’s Paradip refinery saw a 126 percent intake jump, while Bharat Petroleum’s Kochi facility and Nayara Energy’s Vadinar refinery recorded gains of 83 percent and 45 percent, respectively.
While the booming Indian demand successfully boosted Russia’s total crude export volumes by 14 percent, falling global market prices cut deep into the Kremlin’s actual daily earnings. Russia’s daily crude oil export revenues fell by 8 percent over the month, landing at 348 million euros per day.
Beyond crude oil, India’s total monthly hydrocarbon basket from Russia reached 5.5 billion euros, which also included 488 million euros in refined oil products and 444 million euros in coal shipments. Interestingly, the CREA report also spotlighted India’s massive, evolving role in bypassing global trade blocks. Local refineries have been actively converting this raw Russian crude into processed fuels like diesel and jet fuel, exporting 814 million euros worth of finished petroleum products to heavily sanctioning Western nations including the United States, Australia, and the European Union, throughout the month of June.
