The study, which made use of information from the energy cargo tracker Vortexa, found that in November, Russia supplied India with 9,09,403 barrels of crude oil daily (bpd).
Digital Desk: For the second consecutive month, Russia has remained India's top oil supplier, outperforming more established nations like Saudi Arabia and Iraq, according to PTI.
According to the research, which used data from energy cargo tracker Vortexa, Russia provided India with 9,09,403 barrels of crude oil per day (bpd) in November.
From making up just 0.2% of all of India's oil imports in the year that ended on March 31, 2022, Russian oil now accounts for more than a fifth of India's oil supplies. Although it was noted in the study that India imported less Russian oil in November compared to October.
According to Vortexa statistics, India purchased 8,61,461 bpd from Iraq and 5,70,922 bpd from Saudi Arabia in November. With oil shipments of 4,05,525 bpd, the United States ranked fourth among India's oil suppliers.
Since Russia's invasion of Ukraine, the amount of Russian oil supplied to India has dramatically grown. In comparison to 1.05 million bpd from Iraq and 9,52,625 bpd from Saudi Arabia, India bought just 36,255 barrels of crude oil per day from Russia in December 2021, according to Vortexa.
In June of this year, Russia overtook China as India's second-largest supplier. India imported more Russian oil than Iraq at a record 9,35,556 bpd in October.
India has steadfastly maintained its purchase of Russian oil. S. Jaishankar, the minister of external affairs, stated before the Rajya Sabha on December 7 that India would keep seeking the best deals for the nation. We do not request that our enterprises purchase Russian oil, he stated. We request that our businesses acquire oil based on the best available choice. It now depends on what the market offers.
"Please keep in mind that we do not only buy oil from one nation. We get oil from a variety of suppliers, but it makes sense to go where we can get the greatest price for the Indian people, and that is exactly what we are attempting to do, "he added.
Russian seaborne oil is now subject to a price ceiling set by the European Union. The imports in November were made in advance of an EU-agreed price cap. A price of $60 per barrel is a component of the West's plan to reduce Russia's oil revenues and, as a result, reduce its capacity to conduct war in Ukraine.
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