Russian Crude Imports Up 28 Percent In February Against January

Crude Oil Import: There has been an increase in the import of crude oil during February. India imports 1.6 million barrels per day of crude oil every day from Russia. In such a situation, Russia’s contribution in India’s crude oil has been 35 percent. After this, Iraq and Saudi Arabia are the second and third largest suppliers.

On the other hand, if we talk about the last month, in January, 28 percent less crude oil was imported, but this month the import of crude oil is 28 percent more than in January. There has been an increase in this because, due to the ban on Russian crude oil by the European Union, more supplies have been made available to Indian refiners.

India had imported less than 1 per cent of its crude oil from Russia in 2021 and had imported no oil at all in February last year. The surge in Russian supplies has affected Iraq and Saudi Arabia, whose combined share in Indian imports has fallen from 43 per cent to 34 per cent in February 2022.

The import of refinery products has also increased from Russia. Naphtha imports increased 15-fold from 3,800 bpd in January to 57,000 bpd in February. In February, however, Russian fuel oil imports fell by a quarter in a month to 123,000 barrels per day.