Moscow's Status Of Largest Oil Supplier To New Delhi Contributing To India's Energy Security: Russian Envoy

In October last year, Russia for the first time surpassed traditional sellers Iraq and Saudi Arabia to clinch the number 1 spot, and now makes up for 25 per cent of all oil imported by India.

Russia is now the largest oil supplier to India, Russian Ambassador to India at ICWA-Russian Council Dialogue Denis Alipov said on Thursday. "We see India's presidency at G20 and Shanghai Cooperation Organisation (SCO) as an opportunity to present the agenda of these crucial associations. Russia has become the largest oil supplier to India, contributing to India's energy security," he was quoted as saying by news agency ANI.

According to data released by energy cargo tracker Vortexa, India's crude oil import from Russia continued to surge to touch 1 million barrels per day in December 2022 and Moscow sustained its position as top oil supplier for the third month in a row. 

In October last year, Russia for the first time surpassed traditional sellers Iraq and Saudi Arabia to clinch the number 1 spot, and now makes up for 25 per cent of all oil imported by India. Earlier Russia, which accounted for just 0.2 per cent of all crude oil India imported in the year to March 31, 2022, supplied 1.19 million bpd in December. 

India's import from Russian surged since it started trading on discount after the West imposed sanction to punish Moscow for its invasion of Ukraine.

India is aiming to pursue an oil import policy that will witness robust inflows from both the US and Russia in the foreseeable future, while stepping up efforts to diversify the crude basket even further to cushion the impact of any supply shock going ahead, said S&P Global Commodity Insights.

External Affairs Minister S Jaishankar earlier rejected Europe’s allegations that India is a “war profiteer” for buying Russian oil and stated the country's focus as the current president of the G20 will be addressing economic growth and not just resolving the conflict in Ukraine. Jaishankar also said Indian refiners will continue to look for the best deals in the interest of the country.

Alipov further said: "Russia and India share a network of platforms and groupings that help promote global agenda for benefit of the international community. India took neutral stance as regards to attempts to exclude Russia from various platforms."

He said the level of Russia-India defence cooperation is unprecedented. A major reason for that is India's independence on Russian equipment, Alipov said.