New Delhi: India’s crude oil imports from Russia surged for the second consecutive month in February. The crude oil imports touched 1.54 million barrels per day (mb/d). This accounts for around 33 per cent of the cumulative inbound shipments.
According to data released by energy intelligence firm Kpler, India’s crude oil imports from Russia rose marginally by 0.7 per cent month-on-month basis. However, on an annual basis, the imports fell by more than 16 per cent from 1.84 mb/d reported in February 2023.
Russia’s flagship grade, Urals, which accounts for a major part of oil cargoes from the country, also rose for the second consecutive month in February. The cargoes rose 12 per cent M-o-M to 1.195 mb/d, but declined by 3 per cent Y-o-Y.
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‘Indian imports of Russian crude came in at 1.54 mb/d in February, some 50,000 barrels per day (kb/d) higher compared to January and marking the second straight M-o-M increase for India’s refiners,’ said Viktor Katona, Kpler’s Lead Crude Analyst.
Overall, India’s crude oil imports stood at around 4.7 mb/d in February 2024. It was at 4.8 mb/d in January 2024 and 4.4 mb/d in December 2023. India also imported 97,229 barrels per day (b/d) of Sokol in February.
Last year, India emerged as a top buyer of sea-borne Russian oil sold at a discount after Western countries halted imports following Russia’s invasion of Ukraine. However, US in December imposed sanctions on ships and vessel operators carrying Russian oil sold above a $60-per barrel cap set by the Group of Seven nations. Banks and service providers have been asked to ensure cargoes do not breach the price limit. Following the sanctions, several tankers that were meant to deliver Sokol crude to India have been diverted.
India is the world’s largest consumer and importer of crude oil. Crude oil pumped out of the ground and from below the seabed is refined and converted into fuels like petrol, diesel, and aviation turbine fuel (ATF).
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