Menu
BW CFO World
Community for Finance Professionals, Consultants and allied businesses
  • Home
  • News
  • Videos
  • Articles
    • Credit & Capital
    • Economic Trends
    • Financial Compliance
    • Financial Leadership
    • Financial Management
    • Financial Reporting
    • Financial Strategy
    • Risk Management
    • Taxation
  • Featured
  • Nominate for Awards
Close Menu
20211130_093209-1
October 4 2022

Russian Oil Imports To India Rise By 18.5%

On the Russia-Ukraine crisis, western countries are continuously pressurising not to do business with Russia, but India is continuously increasing its purchase of oil from Russia

According to energy cargo tracker Vortex, Russian oil imports into India in September rose by 18.5 per cent after falling for two months from August. Due to this it has become the second largest supplier of crude oil to the country after Saudi Arabia.

On the Russia-Ukraine crisis, western countries are continuously pressurising not to do business with Russia, but India is continuously increasing its purchase of oil from Russia. In the past, western countries had said that it was because of India and China that the sanctions have not affected Russia.

Figures show that Russian oil imports at 879,000 barrels per day (bpd) in September are the second highest in a month for India after June’s 933,000 bpd. According to the Economic Times report, India may consider importing more Russian crude this quarter, as refiners accelerate to meet the seasonal increase in domestic demand and higher export demand from Europe.

Before the start of the Ukraine war Russian oil comprised about 1 per cent of India’s imports as freight traffic made it uncompetitive, but has now climbed to 21 per cent. Indian refiners’ attraction to Russian crude increased after the start of the Ukraine War. This is because traders offered higher discounts, which have come to around USD 5-6 per barrel on a delivery basis.

Rising Russian imports mean a loss of market share for other major exporters such as the US, Iraq and the United Arab Emirates. According to the report, in September, Saudi Arabia was the top supplier to India while Iraq and the United Arab Emirates were ranked third and fourth respectively. 

The US, the fifth largest supplier, now accounts for about 4 per cent of the Indian market, down from 10 per cent a year ago. India has also increased purchases of Russian products, with fuel oil imports approaching 100,000 barrels per day in September, up from an average of about 60,000 bpd in the first quarter of 2022. The country has also received its first 90,000 tonne of Russian.

Chinese imports of marine Russian crude rose 7 per cent month-on-month to 1 million barrels per day, while European imports rose 16 per cent to 950,000 bpd. Maritime Russian crude oil imports to Europe have halved since the beginning of the year. China and Europe import a large amount of Russian crude oil through pipelines. Russia’s share in the Indian crude oil market may increase further if the European Union keeps its promise to ban imports of Russian crude oil from December.

Avatar

Urvi Shrivastav

→ Urvi Shrivastav

India Inc Grows Post-Pandemic, Agency Report Shows Improvement Sanmina, Reliance Complete Joint Venture Deal

Related Posts

cfo sc

Financial Reporting

Capgemini announces Nive Bhagat as new Chief Financial Officer

Suj

Financial Reporting

Dentsu Appoints Sujit Vaidya as Chief Financial Officer for South Asia

building

Financial Reporting

IT Hub Drives Home Rent Up By 30% In First 9 Month Of 2023: Anarock

Selected Stories

  • cfo scCapgemini announces Nive Bhagat as new Chief Financial Officer

    Read more

  • Screenshot 2023-12-01 17344094 % Indian CFOs are optimistic about the nation’s economic future:Deloitte APAC CFO Survey 2023

    Read more

  • BW CFO - TempTata Consumer Products appoints Ashish Goenka as Group Chief Financial Officer

    Read more

  • SujDentsu Appoints Sujit Vaidya as Chief Financial Officer for South Asia

    Read more

  • moneyRBI Invests 81.43% Of Foreign Currency Assets In Overseas Securities

    Read more

Movements

  • BW CFO - TempTata Consumer Products appoints Ashish Goenka as Group Chief Financial Officer
  • CFO TemplateStashfin Appoints Srinivas Emany As New CFO
  • CFO TemplateFlutterwave CFO Oneal Bhambani Resigns Amid IPO Plan
  • Lidiane JonesBumble Appoints Lidiane Jones As New CEO; Replaces Founder Whitney Wolfe Herd
  • Hugh JohnstonDisney Ropes In Pepsico CFO Hugh Johnston As Senior Executive VP, CFO

Categories

  • Accounting
  • CFO Stance
  • Credit & Capital
  • Economic Trends
  • Economy
  • Featured
  • Financial Compliance
  • Financial Leadership
  • Financial Management
  • Financial Reporting
  • Financial Strategy
  • Financial Technologies
  • Global News
  • Interview
  • Movements
  • Ratings
  • Risk Management
  • Taxation

Recent Comments

    Back To Top
    BW CFO World
    • Home
    • News
    • Videos
    • Articles
      • Credit & Capital
      • Economic Trends
      • Financial Compliance
      • Financial Leadership
      • Financial Management
      • Financial Reporting
      • Financial Strategy
      • Risk Management
      • Taxation
    • Featured
    • Nominate for Awards
    © Copyright BW BUSINESSWORLD 2018. All Rights Reserved.