India's oil import surged to $3.78 billion from Russia

According to government official data the steep rise in oil imports is capturing nearly one third of India's total imports. As per the data, the country's total oil import expenditure for the month stood at $12.43 billion, up from $10.42 billion in the month prior.

Russia has been positioned as largest exporter of oil imports for India. For the consecutive eighth month, Russia emerged as the largest single supplier of crude oil to india. The country has recently surpassed the combined purchases from both Iraq and Saudi Arabia, which were India's primary suppliers in the past decade.

Standing at the $3.78 billion, the value of the crude oil supply from Russia increased 44 percent year-on-year in October from $2.62 billion in October 2022. Sequentially, the crude imports from Russia increased 9 percent from $3.48 billion in September 2023.

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While on a safezone level, oil producing PSUs refineries are increasing their diversification to buy from other oil exporting countries like USA, Canada, Australia, Brazil etc. The specific demands are curiously focused upon central west asian countries. India imports about 85 percent of its crude oil requirement, with majority being annual contracts.

India's crude oil imports from the spot market rose to 49.6 million tonnes[mt] in FY23, the highest on record, in terms of volumes. Term cargoes stood at 91.6 mt or 64.87 percent of the total imports last fiscal year.

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India imported an average 1.76 million barrels per day of Russian oil from April to September, making Russia to be 40 percent supplier of Indian oil imports. The refining capacity of oil PSUs is nearly total to 254 million tonnes per annum, making the country world's third largest consumer and top importer of crude oil.

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