+
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.

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
Infrastructure Urban

Naidu Seeks Rs 563 Crore For AP Sports Infrastructure

Andhra Pradesh Chief Minister N Chandrababu Naidu has sought Rs 563 crore from the Centre to boost sports infrastructure in the state, including Rs 538 crore for stadium development and Rs 25 crore to host the Khelo India Martial Arts Games 2025. Naidu made the request during a meeting with Union Youth Services and Sports Minister Mansukh Mandaviya in New Delhi on Wednesday.The CM urged early completion of Khelo India infrastructure projects in Tirupati, Rajahmundry, Kakinada, and Narasaraopeta, and called for an international-standard badminton training centre and a national aquatic sports hu..

Next Story
Infrastructure Transport

Tough Bidding Norms Slow NHAI Road Project Awards

Stringent bidding rules imposed by the Ministry of Road Transport & Highways (MoRTH) have led to a slowdown in project awards by the National Highways Authority of India (NHAI), despite a robust Rs 3.5 trillion pipeline. According to an HDFC Securities report, the shift to more cautious developer models now favours firms with strong balance sheets, as tighter qualification norms limit aggressive bidders.The revised norms mandate additional performance security, targeting the exclusion of players that previously submitted low bids—often 25 to 40 per cent below NHAI cost estimates—raisin..

Next Story
Infrastructure Transport

Mumbai Gets Coastal Nod for Next Promenade Phase

As Mumbai prepares to open two major sections of its expansive seafront promenade this week, the city’s civic authority has secured a key coastal clearance to advance further construction. The Maharashtra Coastal Zone Management Authority (MCZMA) has approved the commencement of work on the segment between Haji Ali and Baroda Palace, with tendering expected soon after project cost assessments.The promenade, stretching 7.5 km in length and 20 metres wide, is being designed as a flagship open space for walkers, joggers, and cyclists. Two critical stretches—2.75 km from Tata Garden to Haji Al..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?