India remains second-largest buyer of Russian oil
India retained its position as the second-largest buyer of Russian crude oil in October after China, according to data from a European think tank.
The US imposed sanctions on Rosneft and Lukoil, Russia’s largest oil producers, on October 22 to put pressure on Moscow to end the Ukraine conflict.
The Center for Research on Energy and Clean Air (CREA) said in its monthly analysis of Russian fossil fuel exports, released on November 13, that India spent $2.9 billion on Russian crude in October, which accounted for 81% of New Delhi's fossil fuel purchases from the country.
Russian crude imports by India recorded an 11% month-on-month increase in October, it said. The CREA also cited an 8% month-on-month increase in total imports. While private refiners’ imports constituted over two-thirds of India’s total imports, state-owned refineries nearly doubled their Russian volumes month-on-month in October.
The Vadinar refinery in the western Indian state of Gujarat, which was sanctioned by the EU and is partly owned by Rosneft, reportedly increased production capacity to 90% in October.
The CREA report said that after the EU sanctions in July, the refinery has been importing crude solely from Russia.
In October, its imports from Russia recorded a 32% month-on-month increase to reach its highest volumes since February 2022. Exports from the refinery, however, have dropped to the lowest levels since May 2023.
In September, 34% of India’s oil imports came from Russia, according to Kpler data. On average, about 1.8 million barrels of Russian oil reached India a day in October.
The US has slapped 50% tariffs on India, including 25% as reciprocal levies and the rest as a punitive measure for the import of Russian oil.
