New Delhi: India’s crude oil imports from Russia surged 14% in January. Russia remained the top supplier of oil to India in January. Russian oil account for nearly a third of the crude brought into India.
At $4.47 billion, the value of the crude oil supply from Russia jumped 41% year-on-year. Sequentially, crude imports from Russia increased 14% from $3.92 billion in December 2023. Russia was the biggest crude supplier to India in 2023, accounting for more than 30% of its imports.
As per government data, Iraq was the second-largest source of crude oil for India in December. India purchased crude oil worth $2.54 billion, 5% higher year-on-year. Crude oil imports from Saudi Arabia fell 31.3% on year to $1.55 billion in January.
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Among the top five suppliers, the United Arab Emirates (UAE) and the US followed, with their supplies to India worth $980.24 million and $107.49 million, respectively. The UAE saw a 6.70% rise in its oil supplies to India in January 2024, up from $918.63 million a year ago. In contrast, crude oil supplies from the US to India slumped about 91%, falling to $107.49 million in January.
Prior to the Ukraine conflict, in fiscal year 2021-22, Russian oil accounted for only 2% of India’s total oil imports, with Iraq being the top supplier, followed by Saudi Arabia and the UAE.
In January, India’s total oil import bill increased slightly by over 4% sequentially to $12.04 billion, with a marginal year-on-year growth of 0.1%.
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