Last Updated : 15 Jun, 2022 06:15 AM
Published : 15 Jun 2022 06:15 AM
Last Updated : 15 Jun 2022 06:15 AM
New Delhi: Large quantities of crude oil supply from Russia. Russia has risen to become the second largest importer of crude oil in May.
Indian oil refineries import 8.19 lakh barrels of crude oil a day from Russia. This is much higher than the amount imported in the past.
Iraq continues to be the largest supplier. Saudi Arabia, which was second so far, is now relegated to third.
Following the invasion of Ukraine, Western nations imposed sanctions on Russia. Thus most countries avoided buying crude oil from Russia. Russia has supplied crude oil to India at a concessional price above the general market price.
Previously, Indian companies were less likely to buy crude oil from Russia due to higher transport costs. Currently Indian companies are importing crude oil as it is offered at high concessional prices.
India imported 16.5 per cent of its total crude oil imports from Russia in May. Imports from African countries accounted for 11.5 percent.
It was 5 percent in April. Imports have now increased by 19 per cent compared to last year.