India's Import Of Russian Crude Oil Drops By 55 Per Cent In November, Lowest Level Since June 2022

India's import of Russian crude oil reached its lowest point since June 2022 in November.

However, despite the fall in crude import, Russia remains India's largest oil supplier, according to monthly tracker report of a European think tank.

Since Russia's invasion of Ukraine in February 2022, India has emerged as the second-largest buyer of Russian crude oil, with its share rising from under one per cent to nearly 40 per cent of the country's total oil imports.

The rise was primarily because the Russian crude oil was available at a discount to other internationally traded oil due to the price cap and the European nations shunning purchases from Moscow.

"India's imports of Russian crude oil dropped by a massive 55 per cent in November - the lowest figure since June 2022," the Centre for Research on Energy and Clean Air (CREA) said in its latest report.

Despite the decline, Russia retained its position as India's leading oil supplier, followed by Iraq and Saudi Arabia.

"China has bought 47 per cent of Russia's crude exports, followed by India (37 per cent), the EU (6 per cent), and Turkey (6 per cent)," CREA said without giving absolute numbers.

In November, the discount on Russia's Urals crude oil grew by 17 per cent month-on-month, averaging $6.01 per barrel compared to Brent crude.

Meanwhile, discounts on ESPO and Sokol grades narrowed to $3.88 and $6.65 per barrel, respectively.

India primarily imports ESPO and Sokol grades of crude oil from Russia.

All fossil fuels taken together, "India dropped to third in the list of largest buyers of Russian fossil fuels in November, contributing 17 per cent (EUR 2.1 billion) to Russia's monthly export earnings from its top five importers. There was a significant 22 per cent drop in Russian revenues from crude oil exports to India in November," it said.

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