India's Russian Oil Imports Surge in May
"India's total crude import volumes recorded an 8% month-on-month increase in May. This is partially explained by a 21% month-on-month increase in Russian imports," says CREA
India significantly increased its purchases of Russian oil and other fossil fuels in May, becoming the world's second-largest buyer. The total value of these imports reached an estimated 5.8 billion euros. Crude oil constituted the vast majority, accounting for 83% of the total value. Several major Indian refining hubs, including Vadinar and Jamnagar in Gujarat, saw substantial month-on-month increases in Russian crude arrivals. State-run refineries also resumed and expanded their purchases of Russian oil after a previous halt. This trend highlights the continued reliance on discounted Russian energy sources for Indian refiners amidst global geopolitical shifts.
This demonstrates India's continued strategic energy procurement despite international sanctions and evolving global energy markets.
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