Russian Oil Imports Reach Four-Month High With 36 Per Cent Share In India's Total; Iraq, Saudi Arabia Next Top Suppliers

In November, India's imports of Russian oil reached a four-month peak at 1.6 million barrels per day (bpd), marking a 3.1 per cent increase from October and constituting approximately 36 per cent of the nation's total imports for the month, according to a report from Economic Times.

Russia has emerged as India's top oil supplier in the wake of the Ukrainian conflict, with India attracted to Russian oil discounts after certain Western companies reduced purchases from Moscow.

Traditionally relying on Middle Eastern producers for its oil needs, India's heightened acquisitions of Russian oil have affected the share of Middle Eastern oil in its crude imports, dropping from 48 per cent in October to about 46 per cent in November.

Over the first eight months of the fiscal year, India's imports of Russian oil surged by 77 per cent to an average of 1.7 million bpd. After Russia, Iraq and Saudi Arabia were the next top oil suppliers to India, in November.

This shift has also contributed to a decline in the share of oil from OPEC member nations in India's imports, dropping to 48 per cent from around 62 per cent during April-November compared to the same period last year.