For the fifth straight month, Russia has become India’s largest source of crude oil.
A money control report says that Russia now forms a 35% share in India's import basket as of February 2023 as against just a 1% shares until a year ago. As per experts, this trend is likely to continue.
Energy tracker Vortexa, Russia provided 1.26 million barrels per day (bpd) of crude to India in January, and 1.62 million bpd last month.
Since the beginning of 2023 — in both January and February — Russia supplied the most oil to India, surpassing traditional exporters, including Saudi Arabia and Iraq.
India, the world’s third-largest crude importer after China and the United States, has been snapping Russian oil that was available at a discount after some in the West shunned it as a means of punishing Moscow for its invasion of Ukraine.