“India's imports of Russian crude oil dropped by a massive 55 per cent in November - the lowest figure since June 2022,” the Centre for Research on Energy and Clean Air (CREA) said in its latest report, quoted the news agency.
According to the European think tank's report, Russia still remains as the largest supplier of crude oil to India, followed by Iraq and Saudi Arabia. India became the second largest buyer of Russian crude since the Russia-Ukraine war began in February 2022.
The crude imports from Russia to India increased to nearly 40 per cent of India's total oil purchases, compared to its earlier level of less than 1 per cent, as per the news report. The rise was attributed to the discounted crude oil prices compared to the other oil suppliers over the price cap and the sanctions over purchases from Moscow.
“China has bought 47 per cent of Russia's crude exports, followed by India (37 per cent), the EU (6 per cent), and Turkey (6 per cent),” according to the CREA report, quoted by the news agency.
According to the CREA report, India dropped to the third largest import of Russian crude in November, which contributed to 17 per cent of Russia's monthly export earnings from its top five exporters.
“There was a significant 22 per cent drop in Russian revenues from crude oil exports to India in November,” said the report, quoted by the news agency.
“From December 5, 2022 until the end of November 2024, China purchased 46 per cent of all Russia's coal exports - India (17 per cent), Turkey (11 per cent), South Korea (10 per cent), and Taiwan (5 per cent) round off the top five buyers list,” according to CREA.
In November, there was a 17 per cent month-on-month increase in the discount on Russia's Urals grade crude oil to an average of $6.01 per barrel compared to Brent crude oil.
The discount on the ESPO grade fell nearly 15 per cent and was traded at an average discount of $3.88 per barrel while that on the Sokol blend narrowed by 2 per cent to $6.65 per barrel, as per the report.
While there was an 11 per cent month-on-month decline in the total volume of India's imports of crude oil in November, Russian volumes suffered the most, dropping by a massive 55 per cent, according to the news report.
India imports over 85 per cent of its crude oil from abroad and refines it in the country.
