{"id":11631,"date":"2024-08-17T08:16:19","date_gmt":"2024-08-17T08:16:19","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=11631"},"modified":"2024-08-17T08:16:19","modified_gmt":"2024-08-17T08:16:19","slug":"indias-thirst-for-crude-drives-record-russian-oil-imports","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/11631\/","title":{"rendered":"India’s Thirst for Crude Drives Record Russian Oil Imports"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0The world’s third-largest oil importer, India, remained Russia’s number-two crude buyer in July, importing $2.8 billion worth of Russian crude, according to the latest monthly data of Russian fossil fuel exports by the Centre for Research on Energy and Clean Air (CREA).<\/p>\n

Last month, India was the second-largest buyer of Russian fossil fuels, CREA’s analysis showed. Nearly 80% of India’s fossil fuel imports from Russia were crude oil, valued at $2.8 billion (2.6 billion euros).<\/p>\n

China bought 47% of Russia’s crude oil export in July, followed by India (37%), the EU (7%), and Turkey (6%), the analysis by CREA found.<\/p>\n

India also bought 18% of Russia’s coal exports, also second only to China, which purchased 45% of the coal exported by Russia.<\/p>\n

Russia has become India’s top oil supplier since the Russian invasion of Ukraine and the Western embargoes and other sanctions on Russian crude sales. India has snapped up a large part of Russian spot supply over the past two years, but it is now looking to sign long-term supply deals.<\/p>\n

Indian state-held refiners have started jointly to discuss terms of a potential deal with Russia for long-term supply of Russian oil, a government source with knowledge of the matter told Reuters last month.<\/p>\n

India needs “predictable and stable” oil supplies amid expanding refining capacity, the source added.<\/p>\n

Some of India’s private refiners have already struck long-term agreements to purchase Russian oil. These include Nayara Energy, in which Russian oil giant Rosneft has a stake, as well as Reliance Industries, which operates the Jamnagar refinery in India, the world’s largest and most complex single-site refinery.<\/p>\n

Reliance Industries signed earlier this year a one-year agreement with Rosneft to buy at least two cargoes of Urals crude in Russian rubles per month.<\/p>\n

Russia was India’s single largest oil supplier for a second consecutive fiscal year, as surging imports of Russian crude dragged down the share of OPEC and Middle East supply to India to a record low.<\/p>\n

Updated on