Russian Oil Exports to India Quadrupled in March 2022

Russian oil exports to India increased fourfold in March this year, which indicates a redistribution of global energy flows after the situation around Ukraine, as the Financial Times reported.  

According to the publication, India, which is the third largest country in the world in terms of energy consumption, bought several shipments of Russian oil, as consumers in Europe avoided the resources of the Russian Federation after Western sanctions against Moscow. As reminded, Rosneft owns a 49 per cent stake in Nayara, which operates India’s second largest oil refinery.

Traditionally, Russian oil accounted for less than 5 per cent of India’s total imports, which last year amounted to 4.2 million b/d. In March, Russia exported 360 thousand barrels per day to India, which is almost 4 times more than in 2021.

According to the Kpler agency, India usually buys CPC grade, a mixture of Kazakh and Russian oil, but in March the price of the Urals crude oil increased significantly, which indicates the interest of Indian consumers in this brand contrary to public opinion in Europe.

In addition, Indian officials stated that the authorities are creating a mechanism for buying and selling raw materials in rupees and rubles, which can facilitate trade after Western restrictions on international transfers of funds to and from Russia.

Ru-Main, 18.03.2022
Source: Interfax 

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