India's Russian Oil Imports Surge To A Record 1.4 Million Barrels Per Day In January

Last month, Russian oil accounted for about 27 per cent of the 5 million bpd of crude imported by India, the world's third-biggest oil importer and consumer

India's oil imports usually rise in December and January as state-run refiners avoid maintenance shutdowns in the first quarter to meet their annual production targets fixed by the government.

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India's Russian oil imports jumped to a record 1.4 million barrels per day (bpd) in January, up 9.2 per cent from December, citing trade sources news agency Reuters said on Monday. According to the report, Moscow is still the top monthly oil seller to India, followed by Iraq and Saudi Arabia.

Last month, Russian oil accounted for about 27 per cent of the 5 million bpd of crude imported by India, the world's third-biggest oil importer and consumer, the data showed. India's oil imports usually rise in December and January as state-run refiners avoid maintenance shutdowns in the first quarter to meet their annual production targets fixed by the government.

Refiners in India, which rarely used to buy Russian oil because of costly logistics, have emerged as Russia's key oil client, snapping up discounted crude shunned by Western nations since the invasion of Ukraine last February.

Last month India's imports of Russian Sokol crude oil were the highest so far at 100,900 bpd, as output from the Sakhalin 1 field resumed under a new Russian operator, the data showed.

In January, India's imports of oil from Canada rose to 314,000 bpd as Reliance Industries boosted purchases of long-haul crude, the data showed. Canada emerged as the fifth-largest supplier to India in January after the United Arab Emirates, the data showed.

India's Iraqi oil imports in January rose to a seven-month high of 983,000 bpd, up 11 per cent from December, the data showed.

During April-January, the first ten months of this fiscal year, Iraq continued to be the largest oil supplier to India, while Russia became the second-biggest supplier, replacing Saudi Arabia which is now in third place, the data showed.

According to the data, higher purchases of Russian oil dragged down Indian imports from the Middle East to an all-time low of 48 per cent and member nations of Organization of Petroleum Exporting Countries (OPEC) declined to the lowest ever.