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8 Jun, 2023 16:00

Huge increase in 2022 Russian oil exports to India revealed

Sales of petroleum products doubled and deliveries of coal surged threefold, Deputy PM Aleksandr Novak has announced
Huge increase in 2022 Russian oil exports to India revealed

India’s imports of Russian oil surged 19-fold in 2022 from the previous year, to 41 million tons, Russian Deputy Prime Minister Aleksandr Novak stated in an article published in the magazine Energy Policy on Thursday.

The growth in export volumes allowed Russia to become the largest supplier of oil to the South Asian country, according to the official.

Compared to 2021, oil shipments to India last year increased 19 times, to 41 million tons, while coal exports grew threefold, to 20 million tons. Petroleum product exports to India in 2022 reached 6.2 million tons against 3.1 million tons in 2021,” Novak stated.

Following the start of the military operation in Ukraine, Russia has faced unprecedented sanctions from Western states, which have in particular targeted its energy and fuel exports. This has forced many traditional buyers to shun Russian products.

India, which does not support the sanctions, has been rapidly boosting imports from Russia since early 2022, taking advantage of discounts Moscow offered to secure new buyers. According to Novak, Russia successfully redirected a total of almost 40 million tons of oil and petroleum products from Western markets to India and the broader Asia-Pacific in 2022.

Novak expects Russian energy trade and cooperation with India to grow further in the future.

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