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Russia remains top crude oil supplier to India in March with 1.64 million bpd Russian oil
Image Credit: Schmucki via Pixabay

Russia remains top crude oil supplier to India in March with 1.64 million bpd

India Blooms News Service | @indiablooms | 07 Apr 2023, 08:28 pm

Russia supplied 1.64 million barrel per day (bpd) of crude oil to India, surpassing traditional suppliers such as Saudi Arabia and Iraq, Moneycontrol reported.

With this Russia emerged as the top supplier to meet India’s crude oil requirements in the month of March, according to energy tracker Vortexa.

However, the March supply, 33.9 percent of the total crude oil shipments, was a bit lower than February’s 35 percent, it said.

India bought 986,288 bpd of crude oil from Saudi Arabia while Iraq exported 821,952 bpd in March 2023 to the country.

Russia has emerged as a significant supplier of crude oil to India, after the US and the EU imposed sanctions following its war with Ukraine since February 2022.

Russia has been diverting its oil to Asian countries, especially India and China, by offering discounted rates.

In March 2023, India received 1.64 million barrels per day (bpd) of crude oil from Russia, a significant increase compared to 68,600 bpd in the same period the previous year.