InvestorQ : How much has India increased its oil imports from Russia amidst this war situation and the sanctions on Russia?
NISHA Nayak made post

How much has India increased its oil imports from Russia amidst this war situation and the sanctions on Russia?

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Priyanka N answered.
2 months ago
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There has been a smart shift in India’s oil equations with Russia over the last few months since the Russia Ukraine war began and the US imposed sanctions on Russia. Now Russia has become the 4th largest oil supplier to India in the month of April 2022. In a sense, the low prices offered by Russia is leading to a spike in volumes since Russia is currently reducing its oil stocks by offering huge discounts to oil buyers.

The numbers are truly staggering. In April Russia supplied India with 277,000 bpd compared to just 66,000 bpd in March 2022. Russia is now sanctioned by the West, but India continues to support Russia by buying their oil in such stressed times, increasing their Russia stake in the Indian oil import basket to 6%. In April 2022, the share of African oil fell from 14.5% to 6% while US share halved to 3%. OPEC share in Indian oil import basket is at an all time low.

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