India's Russian crude oil imports jump 34% to record high in June
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New Delhi: India's imports of Russian crude oil rose to a record high in June despite a decline in Russia's overall oil export revenues due to weaker global crude prices, according to a report by the Centre for Research on Energy and Clean Air (CREA).
The report said India imported Russian crude worth EUR 4.5 billion during June, marking a 34 per cent increase over May. Crude oil accounted for 83 per cent of India's total imports of Russian fossil fuels, which reached EUR 5.5 billion during the month, making India the second-largest buyer of Russian hydrocarbons after China.
India's overall crude oil imports increased by 5.4 per cent month-on-month, with Russian supplies to several major domestic refineries recording significant growth.
According to CREA, imports of Russian crude at Reliance Industries' Jamnagar refinery jumped 150 per cent from May, while Indian Oil Corporation's Paradip refinery registered a 126 per cent increase. Bharat Petroleum Corporation Ltd's Kochi refinery raised imports by 83 per cent, and Nayara Energy's Vadinar refinery recorded a 45 per cent rise in shipments.
The increased demand from India helped lift Russia's crude export volumes by 14 per cent during June. However, softer international crude prices reduced export earnings, with Russia's crude oil export revenues declining 8 per cent month-on-month to EUR 348 million per day.
Overall, Russia's fossil fuel export revenues slipped 1 per cent to EUR 734 million per day, despite a 7 per cent increase in export volumes during the month, the report said.
CREA noted that crude oil remained the dominant component of India's Russian fossil fuel imports, while purchases of oil products worth EUR 488 million and coal worth EUR 444 million accounted for the remaining imports.
The report also highlighted India's growing role in the global trade of refined petroleum products processed from Russian crude. It said refineries in India, Turkiye, Brunei and Georgia exported refined oil products worth EUR 814 million to countries that have imposed sanctions on Russia, including the European Union, Australia and the United States, during June.
With IANS inputs