India’s enmity with China is not hidden from anyone. Armies of both the countries are stationed on the Arunachal Pradesh border. Now another war has started between the two countries. Its name is ‘Oil War’. A different kind of war has started in both the countries for the crude oil of Russia, the common friend of India and China. In which India is now seen winning. In the month of April, India imported cheaper Russian oil than China. This figure can reach the second level in the month of May. Let us also tell you that after all, what is the share of Russian oil in India’s oil import basket.
India made a record of Russian crude import
Russia remains the top crude oil supplier to India even in April. This means that the share of Russian oil in India’s oil import basket has increased to 36 percent. According to a report by energy cargo tracker Vortexa, Russia supplied 1.68 million barrels of crude oil a day to Indian refiners in April, up 4 percent from 1.61 MBD in March. On the other hand, in April, China imported 1.3 MBD from Russia by sea while Europe imported 206,000 barrels per day.
Increased share of Russian oil
By the way, in comparison to March, India’s total crude oil import fell by 3.5 percent to 4.6 MBD in April. Russia’s share in India’s crude oil imports increased from 33.8 per cent in March to 36.4 per cent in April. The special thing is that before the Russia-Ukraine war, India used to import 0.2 percent of its total imports from Russia. However, the growth in import of heavily discounted Russian oil has slowed down in recent months. This growth was 29 per cent in December, which came down to 26 per cent in February and 1.8 per cent in March. Whereas in April this figure fell by 4 percent.
gulf countries imported less
On the other hand, there has been a slight decrease in the share of crude oil imported from Gulf countries. Iraq’s share of the Indian market fell from 18.4 per cent in March to 17.6 per cent in April, while Saudi Arabia’s share dropped from 21 per cent to 14.5 per cent. UAE’s share has come down from 6.5 per cent to 4 per cent. There has been an increase in the share of crude oil from the US and African countries.
How much share of which country in Indian oil basket?
- Russia’s share in April is 36.4 percent, which was 33.8 percent in March.
- Iraq’s share has decreased from 18.4 percent in March to 17.6 percent in April.
- Saudi Arabia’s share was 21 percent in the month of March, which has come down to 14.5 percent in April.
- The share of UAE was at 6.5 per cent in March, which came down to 4 per cent in April.
- There was an increase in the share of US, which was 2 percent in March and has increased to 2.6 percent in April.
- Africa’s share was 4.7 per cent in March, which has increased to 5.6 per cent.
- Talking about others, their share in March was 13.5 per cent, which has increased to 19 per cent.
New record can be made in May
India’s Russian crude imports once again set a new record in April, but the month-on-month growth has slowed and may possibly peak this month, said Serena Huang, analyst at Vortexa. The reason for this is China. India does not want China to be ahead of it on any front. He wants to stay ahead in this competition. That’s why more and more Russian is buying crude oil.