New Delhi: Crude oil imports from Russia have touched a record high in February. As per government data, India’s imports of crude oil from Russia surged to 1.6 million barrels per day in February. This is higher than combined imports from Iraq and Saudi Arabia.
Currently, Russia is the single largest supplier of crude oil of India. Russia supplied more than one-third of all oil India imported for fifth straight month. At present, Russia’s share of India’s imports is at 35%. It was at 1% before the Russia-Ukraine conflict in February 2022.
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Iraq supplied 9,39,921 barrels per day (bpd) oil in February while Saudi Arabia supplied 6,47,813 bpd oil. UAE overtook US to become the fourth largest supplier at 4,04,570 bpd. The US supplied 2,48,430 bpd, down from 3,99,914 bpd in January. Iraq and Saudi supplies are the lowest in 16 months.
India is world’s third-largest crude importer after China and the United States.
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