Key facts
- India secured crude oil supply through August by increasing imports from the UAE, Africa, and Brazil.
- India's imports of Russian crude oil rose 21% month-on-month in May.
- Crude oil constituted 83% of India's 5.8 billion euro hydrocarbon imports from Russia in May.
- Indian refiners significantly increased purchases of Russian crude, making India the second-largest buyer of Russian fossil fuels globally.
- Refineries in Vadinar, Jamnagar, New Mangalore, Visakhapatnam, and Paradip saw increased Russian crude deliveries in May.
India has secured its crude oil supply through at least August by significantly increasing its imports from the United Arab Emirates (UAE), as well as from Africa and Brazil. This strategic move aims to diversify the country's energy sources amid ongoing concerns about supply disruptions from the Middle East.
In May, India emerged as the world's second-largest buyer of Russian fossil fuels, importing hydrocarbons worth an estimated 5.8 billion euros. Crude oil accounted for the bulk of these imports, with refiners significantly increasing their purchases from Moscow. This trend highlights India's strategic energy sourcing amidst global shifts.
According to a report by the Centre for Research on Energy and Clean Air (CREA), India's total crude import volumes recorded an 8% month-on-month increase in May, partially explained by a 21% increase in Russian imports. Several of India's largest refining hubs saw notable increases in Russian crude arrivals, including Vadinar, Jamnagar, New Mangalore, Visakhapatnam, and Paradip refineries.
China remained the largest global buyer of Russian fossil fuels in May, accounting for 38% of Russia's export revenues from the top five importers. India followed with 36%, while Turkiye accounted for 6% and the EU for 5%. The report also noted that refineries using Russian crude in India, Turkiye, Brunei, and Georgia exported 641 million euros of oil products to sanctioning countries, including the EU, Australia, and the US.