In December, India purchased approx 1.2 million barrels a day from Russia, which is 29% more than in November and 33 times more than a year earlier, according to data from Vortexa Ltd.
“Russia has likely offered its crude at an attractive discount to Indian refiners, which have surpassed China as the largest importer of Russian crude.”
– Serena Huang, Lead Asia Analyst at Vortexa
Russia has become India’s biggest source of oil possibly due to deepening discounts following additional sanctions from the G7 and the EU’s $60-a-barrel price cap.
India is the world’s third-biggest crude importer, importing 85% of its oil demands. The country is highly vulnerable to price volatility and have increasingly favored the cheaper Russian imports.
