India's May oil imports see record high from Russia in 10 months
ECONOMY & POLICY

India's May oil imports see record high from Russia in 10 months

In May, India saw a significant increase in its imports of oil from Russia, reaching a new high of approximately 2.1 million barrels per day (bpd). According to trade sources and shipping data, this surge was attributed to wider discounts offered on Russian oil, stemming from reduced demand from China.

The data revealed that Russia's share of India's oil imports, which is the world's third largest, rose to nearly 41% last month. Meanwhile, Saudi Arabia's supply to India dropped to its lowest point in ten months, following a second consecutive month of increased term prices by Saudi Aramco in May.

Indian refineries have been heavily purchasing Russian oil, taking advantage of discounted prices amidst a scenario where some European countries have refrained from buying Russian oil since Moscow's invasion of Ukraine in February 2022. Additionally, comparable grades from other regions, particularly the Middle East, have been more expensive.

Data indicates that India imported approximately 5.1 million bpd of oil in May, marking a 5.6% increase from April. Specifically, Indian imports of Russian oil in May were 14.7% higher compared to April and 5.9% higher than the same period last year.

An official from one of India's refineries mentioned, "Russian oil was abundantly available last month, with better discounts due to reduced demand from China."

Furthermore, Indian private refiners such as Reliance Industries and Nayara Energy, which are predominantly owned by Russian entities, have secured a term agreement for purchasing Russian oil.

Redefine the future of urban mobility! Join us at the Metro Rail Conference 2025 to explore groundbreaking ideas and insights. 👉 Register today!

In May, India saw a significant increase in its imports of oil from Russia, reaching a new high of approximately 2.1 million barrels per day (bpd). According to trade sources and shipping data, this surge was attributed to wider discounts offered on Russian oil, stemming from reduced demand from China. The data revealed that Russia's share of India's oil imports, which is the world's third largest, rose to nearly 41% last month. Meanwhile, Saudi Arabia's supply to India dropped to its lowest point in ten months, following a second consecutive month of increased term prices by Saudi Aramco in May. Indian refineries have been heavily purchasing Russian oil, taking advantage of discounted prices amidst a scenario where some European countries have refrained from buying Russian oil since Moscow's invasion of Ukraine in February 2022. Additionally, comparable grades from other regions, particularly the Middle East, have been more expensive. Data indicates that India imported approximately 5.1 million bpd of oil in May, marking a 5.6% increase from April. Specifically, Indian imports of Russian oil in May were 14.7% higher compared to April and 5.9% higher than the same period last year. An official from one of India's refineries mentioned, Russian oil was abundantly available last month, with better discounts due to reduced demand from China. Furthermore, Indian private refiners such as Reliance Industries and Nayara Energy, which are predominantly owned by Russian entities, have secured a term agreement for purchasing Russian oil.

Next Story
Real Estate

Colliers India Transacts 207,000 sq ft office space at Embassy TechVillage

Embassy Office Parks REIT, India’s first listed REIT and the largest office REIT in Asia by area, announced that it has signed an Agreement to Lease (‘ATL’) with global cyber security company Rubrik at Embassy TechVillage in Bengaluru.Colliers, a leading global diversified professional services company, specialising in commercial real estate services, engineering consultancy and investment management facilitated the transaction for Rubrik.Located on Bengaluru’s Outer Ring Road, Embassy TechVillage is one of Embassy REIT’s flagship office parks which offers world-class office spaces, ..

Next Story
Infrastructure Urban

Ensemble Infrastructure India Appoints Suman Saha as Director of Design

Ensemble Infrastructure India Ltd, a leading workplace design and build fit-out company, has appointed Suman Saha as its new Director of Design. With 25 years of experience in the industry, Suman is recognized for his innovative approach and excellence in design leadership.Working closely with the CEO, Suman’s appointment will enhance the company’s design communication across multiple touchpoints, ensuring smooth collaboration between clients, designers, and execution teams for superior project outcomes. Under his guidance, Ensemble will focus on creating workspaces and design labs that em..

Next Story
Products

Ribbon Vanity by Küche7: Fluid Design Meets Everyday Elegance

Küche7, pioneers in luxury stainless steel kitchens, have unveiled the Ribbon Vanity, a graceful creation that transforms bathroom spaces with its soft, flowing design and understated sophistication. Inspired by the fluid form of a ribbon, this vanity combines smooth finishes, clean lines, and gentle curves, offering a timeless aesthetic that seamlessly complements diverse interior styles.Available in a refined blush pink hue, the Ribbon Vanity effortlessly merges functionality with elegance. With thoughtfully designed storage options, it ensures that bathroom essentials are neatly organised ..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000