Exports of Russian oil to India grew fourteenfold in the 2022-2023 fiscal year compared to the same period last year, the Reserve Bank of India (RBI) said in its annual report released on Wednesday.
According to the Indian regulator, supplies surged from $2.2 billion in 2021 to $31.02 billion during the most recent fiscal year, which ended on March 31.
The share of Russian hydrocarbons imported by the South Asian country increased from 2% to 19.1%, the report said.
Supplies from Russia reached 50.84 million tons of crude, making it India’s largest supplier, replacing Iraq, Saudi Arabia, and the United Arab Emirates. India imported record volumes of Russian oil in April, totaling 1.9 million barrels per day (bpd), trading statistics showed.
Shipments from India’s traditional Middle Eastern suppliers lagged behind Moscow as New Delhi snapped up Russian oil at hefty discounts, following a $60-per-barrel price cap imposed by Western nations.
Imports from Iraq totaled 50.31 million tons of oil, while Saudi Arabian and UAE deliveries amounted to 39.37 million tons and 21.5 million tons respectively. Imports from the US were estimated at 15.16 million tons, according to the RBI.
Russian supplies are likely to remain high after the country’s largest oil producer, Rosneft, signed an agreement in March with India’s top refiner, Indian Oil Corp, to substantially increase oil supplies and diversify oil grades delivered to India.
The countries also agreed to use the Asia-focused Dubai oil price benchmark in their latest deal, abandoning the Europe-focused Brent benchmark as Moscow shifts oil sales towards Asia.
Last month, Russian Deputy Prime Minister Aleksandr Novak said that Russia will reorient 140 million tons of crude and refined products to Asia, out of 220 million tons previously supplied to Europe.
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