iconiifl-logo-icon 1
IIFL

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

  • Open Demat with exclusive Advice & Services
  • Get a dedicated Relationship Manager to help you grow your wealth
  • Exclusive advisory on 20+ trading & wealth-based investment options
  • One tap Investments, Automated trading & much more
  • Minimum 1 lakh margin required
sidebar image

India’s import of Russian crude oil increases 28% month-on-month, in February

2 Mar 2023 , 04:09 PM

In February, India sourced 1.6 million barrels of crude oil daily from Russia, constituting a whopping 35% of its overall imports. This single supply surpassed the combined contributions of Iraq and Saudi Arabia, the nation's second and third-largest providers, according to Vortexa, an energy cargo tracking service.

Imports from Russia increased 28% over the previous month as the European Union's embargo on Russian crude made more supplies available to Indian refiners and the G-7 price cap did not completely obstruct trade. 

Due to the high cost of logistics, India has historically been a minor user of Russian oil, importing less than 1% of its crude from Russia in 2021 and none at all in February of last year.

Russia's recent boost in crude oil exports to India has had a significant impact on Iraq and Saudi Arabia's market shares, which have fallen from 43% to 34% since the Russian invasion of Ukraine in February 2022. 

This geopolitical event has resulted in a massive restructuring of the global oil trade. As a result, the African and US market shares have also experienced a decline in the Indian market.

Russia's growing presence in India's energy sector isn't just limited to crude oil. The country's import of refined products from Russia has also increased significantly. For instance, the import of naphtha jumped by a whopping 15 times from 3,800 barrels per day in January to 57,000 barrels per day in February. 

However, imports of Russian fuel oil experienced a 25% decline in just one month, dropping to 123,000 barrels per day in February.

For feedback and suggestions, write to us at editorial@iifl.com

explored-media

Related Tags

  • Crude Oil Import
  • Crude Oil News
  • India Russia
  • Indian Imports
  • Oil Import
  • Oil imports
  • Russian Crude Oil
sidebar mobile

BLOGS AND PERSONAL FINANCE

Images
29 Mar 2024   |   10:14 AM
Images
28 Mar 2024   |   03:36 PM
Images
28 Mar 2024   |   03:01 PM
Images
28 Mar 2024   |   01:21 PM
Read More
Knowledge Centerplus
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Securities Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Knowledge Centerplus

Follow us on

facebooktwitterrssyoutubeinstagramlinkedin

2024, IIFL Securities Ltd. All Rights Reserved

ATTENTION INVESTORS
  • Prevent Unauthorized Transactions in your demat / trading account Update your Mobile Number/ email Id with your stock broker / Depository Participant. Receive information of your transactions directly from Exchanges on your mobile / email at the end of day and alerts on your registered mobile for all debits and other important transactions in your demat account directly from NSDL/ CDSL on the same day." - Issued in the interest of investors.
  • KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary.
  • No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account."

www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.

RISK DISCLOSURE ON DERIVATIVES
  • 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
  • On an average, loss makers registered net trading loss close to Rs. 50,000.
  • Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
  • Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.
Copyright © IIFL Securities Ltd. All rights Reserved.

Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248

plus
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.