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India's appetite for Russian oil swelled ever since it started trading on discount as the West shunned it to punish Moscow for its invasion of Ukraine

Russia becomes India's top oil supplier in Oct

India's appetite for Russian oil swelled ever since it started trading on discount as the West shunned it to punish Moscow for its invasion of Ukraine

Russia has become India's top oil supplier in October, surpassing traditional sellers Saudi Arabia and Iraq, according to data from energy cargo tracker Vortexa.
Russia, which made up for just 0.2 per cent of all oil imported by India in the year to March 31, 2022, supplied 935,556 barrels per day (bpd) of crude oil to India in October -- the highest ever.
It now makes up for 22 per cent of India's total crude imports, ahead of Iraq's 20.5 per cent and Saudi Arabia's 16 per cent.
India's appetite for Russian oil swelled ever since it started trading on discount as the West shunned it to punish Moscow for its invasion of Ukraine.
According to Vortexa, an energy intelligence firm, India imported just 36,255 barrels per day of crude oil from Russia in December 2021 as compared to 1.05 million bpd from Iraq and 952,625 bpd from Saudi Arabia.
There were no imports from Russia in the following two months but they resumed in March, soon after the Ukraine war broke out in late February.
India imported 68,600 bpd of Russian oil in March while it increased to 266,617 bpd in the following month and peaked to 942,694 bpd in June. But in June, Iraq was India's top supplier with 1.04 million bpd of oil. Russia in that month became India's second biggest supplier.

Saudi Arabia has emerged as the second-biggest oil supplier to India after a three-month gap, overtaking Russia, while Iraq retained the top spot in August. 

Saudi Arabia overtakes Russia to be India's no 2 oil supplier

Saudi overtakes Russia to be India's no 2 oil supplier

Prime Minister Narendra Modi to meet President Putin on Friday on the sideling of a summit of the Shanghai Cooperation Organisation, a regional security bloc&nbsp;

Saudi Arabia has emerged as the second-biggest oil supplier to India after a three-month gap, overtaking Russia, while Iraq retained the top spot in August.&nbsp;
India, the world's third-biggest oil importer and consumer, shipped in 863,950 barrels per day (bpd) of crude from <a href="https://www.editorji.com/world-news/saudi-arabia-lifts-ban-on-israeli-flights-amid-biden-visit-1657854408169">Saudi Arabia</a>, up 4.8 per cent from the previous month, while purchases from <a href="https://www.editorji.com/world-news/electricity-blackouts-hit-swathes-of-eastern-ukraine-president-zelenskyy-blames-russia-1662958332118">Russia</a> fell 2.4 per cent to 855,950 bpd, the data showed.
India has become Russia's No. 2 oil buyer after <a href="https://www.editorji.com/india-news/india-and-china-complete-disengagement-process-in-ladakh-s-gogra-hotsprings-area-1663121460029">China</a> as others have cut purchases following Moscow's invasion of Ukraine in late February.
Both India and China are keen to secure raw materials at discounts compared with supplies from other countries, seen as cushioning the impact of western sanctions on Moscow. India's monthly oil imports from Russia have been declining after hitting a record in June as Moscow has narrowed the discounts offered for its oil while refiners lifted more term supplies.&nbsp;
Read More:- <a href="https://www.editorji.com/business-news/secunderabad-fire-police-cite-overcharging-as-possible-blast-cause-at-e-bike-store-1663229743189">Secunderabad fire: Police cite 'overcharging' as possible blast cause at e-bike store</a> &nbsp;

Indian refiners are looking to gain a massive price advantage by buying oil at big discount from Russia as per reports.As oil prices continue to hover around $120/bbl and the rupee tumbles towards record lows, refiners as per a report on Bloomberg are looking to finalise a 6-month&nbsp;collectively supply contract for Russian crude to India with state firm Rosneft.&nbsp;At a time when global crude prices are hovering at $120/bbl and rupee heads towards a record low, as an oil importer India has been looking to protect consumers that are hit by record high prices. India is not in violation of any sanction by purchasing this oil but has received criticism for it from western allies who want oil trade with Russia to stop.&nbsp;&ldquo;We don&rsquo;t send people out there saying go buy Russian oil, we send people saying go buy oil,&rdquo; Subrahmanyam Jaishankar, Minister of External Affairs said at a conference on Friday. &ldquo;Now you buy the best oil you can in the market. I don&rsquo;t think I would attach a political messaging to that.&rdquo;As per Bloomberg India has bought more than 40 million barrels of Russian oil between late-February and early-May, which comes to about 20% more than flows for all of 2021.&nbsp;

India in talks to buy more oil from Russia: reports

Indian refiners rush for 'oil discount' at the Russian counter

India&rsquo;s purchases of Russian crude aren&rsquo;t illegal or in breach of any sanctions

Indian refiners are looking to gain a massive price advantage by buying oil at big discount from Russia as per reports.As oil prices continue to hover around $120/bbl and the rupee tumbles towards record lows, refiners as per a report on Bloomberg are looking to finalise a 6-month&nbsp;collectively supply contract for Russian crude to India with state firm Rosneft.&nbsp; At a time when global crude prices are hovering at $120/bbl and rupee heads towards a record low, as an oil importer India has been looking to protect consumers that are hit by record high prices. India is not in violation of any sanction by purchasing this oil but has received criticism for it from western allies who want oil trade with Russia to stop.&nbsp; &ldquo;We don&rsquo;t send people out there saying go buy Russian oil, we send people saying go buy oil,&rdquo; Subrahmanyam Jaishankar, Minister of External Affairs said at a conference on Friday. &ldquo;Now you buy the best oil you can in the market. I don&rsquo;t think I would attach a political messaging to that.&rdquo; As per Bloomberg India has bought more than 40 million barrels of Russian oil between late-February and early-May, which comes to about 20% more than flows for all of 2021.&nbsp;

India taking up Russia's offer of discounted crude oil would not be a violation of American sanctions, the White House has said.
"Our message to any country continues to be that abide by the sanctions that we have put in place and recommended," White House Press Secretary Jen Psaki told reporters at her daily news conference on Tuesday.
Asked about a report on the possibility that India could take up the Russian offer of discounted crude oil, Psaki said, "I don't believe this would be violating that (sanctions)."
"But also think about where you want to stand when history books are written at this moment in time. Support for the Russian leadership is support for an invasion that obviously is having a devastating impact," Psaki added.
India has not supported the Russian invasion of Ukraine. New Delhi has consistently asked all stakeholders to resolve differences through dialogue. It has, however, abstained in all United Nations resolutions against Russia

Ukraine War: Here's why US think India will be on wrong side of history over Russian invasion

India taking up Russia's offer of discounted crude oil would not be a violation of American sanctions, the White House has said.
White House Press Secretary Jen Psaki, however, said that countries must think&nbsp;where they want to stand when history books are written at this moment in time.&nbsp;
Byte:&nbsp;Jen Psaki
India has not supported the Russian invasion of Ukraine. New Delhi has consistently asked all stakeholders to resolve differences through dialogue. It has, however, abstained in all United Nations resolutions against Russia
&nbsp;

Ukraine Invasion:&nbsp;India taking up Russia's offer of discounted crude oil would not be a violation of American sanctions, the White House has said

India taking up Russia's offer of discounted crude oil would not be a violation of American sanctions, the White House has said.
"Our message to any country continues to be that abide by the sanctions that we have put in place and recommended," White House Press Secretary Jen Psaki told reporters at her daily news conference on Tuesday.
Asked about a report on the possibility that India could take up the Russian offer of discounted crude oil, Psaki said, "I don't believe this would be violating that (sanctions)."
"But also think about where you want to stand when history books are written at this moment in time. Support for the Russian leadership is support for an invasion that obviously is having a devastating impact," Psaki added.
Also watch:&nbsp;<a href="https://www.editorji.com/world-news/ukraine-war-us-senate-unanimously-passes-resolution-condemning-putin-as-war-criminal-1647416359655" target="_blank">Ukraine War: US Senate unanimously passes resolution condemning Putin as 'war criminal'</a>
India has not supported the Russian invasion of Ukraine. New Delhi has consistently asked all stakeholders to resolve differences through dialogue. It has, however, abstained in all United Nations resolutions against Russia

India is unlikely to resume Iranian crude oil purchases, which stopped when exemptions to US sanctions expired on May 2, Hindustan Times reported quoting govt officials. American sanctions against Tehran have also hit India’s plans to develop Iran’s Farzad-B gas block. New Delhi is expected to raise the economic losses due to US sanctions when secretary of state Mike Pompeo visits India on June 24, the officials said

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