Russian Oil Exports to India Quadruples in March

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Russian Oil Exports to India Quadruples in March
19 Mar 2022
7 min read

News Synopsis

Amid the extensive sanctions imposed on Russia by the Western allies, following the Russian Invasion of Ukraine, Oil supply from Russia to India has quadrupled in the month of March. This is an indication of a serious reshaping of global energy flows. As the European countries closed their doors for import of Russian oil, India which is the world’s third-largest energy consuming country has bought a large chunk of Russian Oil. According to Kpler, a commodities data and analytics firm, Russia has exported 360,000 barrels a day of oil to India in March so far, which is almost four times the 2021 average. Head of research at Kpler, Alex Booth said: "Already committed oil cargoes from Russia that can't find buyers in Europe are being bought by India. Exports to India surged in March before any official announcement by New Delhi." On Tuesday, Jen Psaki, the White House press secretary said that although India would not be violating US sanctions while purchasing Russian Oil, India would be on the wrong side of history if it does. Russia is offering Crude Oil to India at a significant discount of $20 to $25 per barrel which makes the deal economic to India. Last week Russian Deputy Prime Minister Alexander Novak spoke to Indian Minister Harshdeep Puri over bilateral trade. Mr. Novak said: "We are interested in further attracting Indian investment to the Russian oil and gas sector and expanding Russian companies' sales networks in India,"

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