India’s imports of Russian oil jump to a record level

Data from trade sources showed that India’s imports of crude oil from Russia jumped to a record level of about 950,000 barrels per day in June, which constitutes about 20 percent of the total imports of the third largest consumer of crude in the world. Brent and Middle East crudes are sold at steep discounts after Western companies and countries halted purchases from Moscow in the wake of its February 24 invasion of Ukraine. The data showed that India imported about 4.8 million barrels per day of crude oil in June, down 3.8 percent from May, but up about 23 percent from the same month last year. India’s oil imports were low last year as demand was hit hard by a second wave of the Corona virus. Russia maintained its second place among the largest suppliers of crude oil to India after Iraq, while Saudi Arabia remained in third place for the second month in a row.