Russia has been India's largest oil supplier for six months

Russia remains India's largest oil supplier for the sixth consecutive month, having increased its share in Indian imports to 34% in March. Deliveries hit new highs to 1,64 million bpd, analyst firm Vortexa said.

Purchases from Russia doubled in March compared to 0,82 million bpd purchased from Iraq, India's top oil supplier since 2017-2018
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On a monthly basis, deliveries from Russia rose slightly from 1,62 million bpd in February.
Purchases of Russian grade Urals by Indian processors remained stable in March, the increase was due to imports of Novy Port Light grade oil. India's consumption is only growing, and there are no obvious signs of a slowdown in demand at the moment.

For comparison: until 2022, Germany imported 0,67 million barrels of Russian oil per day, the Netherlands - 0,4 million bpd. The entire European Union in aggregate bought 2,2 million barrels of oil per day from the Russian Federation.

According to Indian customs data for January, the price for imported Russian crude was almost $80 per barrel. The average price of Brent over the same period was $82,77, a far cry from the EU's $60 oil ceiling.

In addition, Rosneft and Indian Oil Corp, which manages half of state-owned enterprises, will be guided not by the cost of Brent, but by the value of the Dubai Crude Oil benchmark when concluding contracts. This approach means that with the active role of the Russian Federation, the formation of the Asian oil market is in full swing.

Earlier it was reported that the main losers from the increase in the cost of oil and products from it will citizens of the United States. OPEC's decision to cut production unprecedentedly will push up the price of gasoline, potentially pushing it to new record highs.
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  1. Nikolay Volkov (Nikolai Volkov) April 10 2023 12: 06
    what happiness! India itself is supplied with oil. instead of processing it and selling a marginal product (leaving surplus value in the country), we supply raw material to India at a discount. well, just another breakthrough of the good grandfather Vova ... well done.
    1. Nelton Offline Nelton
      Nelton (Oleg) April 10 2023 14: 22
      Quote: Nikolai Volkov
      instead of processing it and selling a marginal product

      processing, selling.

      Exports of diesel fuel from Russia in March 2023 will reach a record level since 2016, despite EU sanctions that have deprived the country of its largest sales market.
      This was reported by Bloomberg, citing data from Vortexa Ltd.

      It is reported that the supply of diesel fuel from Russia for the first 19 days of March amounted to about 1,5 million barrels per day.
      If the trend continues until the end of the month, diesel exports from Russia will be a record - the chart published by Vortexa Ltd. shows that this is already the highest monthly figure since at least January 2016.
      Most of Russian exports of diesel fuel are delivered to Turkey (deliveries in February could be about 1 million tons).

      Russia also sends oil products to Morocco, Brazil, Tunisia and Saudi Arabia (at least 2023 tons were shipped there in February 190).