India bought a record amount of Russian oil in May

India's oil imports from Russia rose to a record 2.1 million barrels per day in May due to lower Chinese demand for Russian oil.

This is reported by Reuters.

In particular, this increased the share of the Russian Federation to almost 41% in the market of India, which is the third-largest importer and consumer of oil in the world. Meanwhile, supplies from Saudi Arabia fell to a 10-month low after Saudi Aramco raised oil prices for a second month in May.

The publication indicates that Indian refineries are actively buying Russian oil, which is sold at a discount after some European countries refused to buy from Moscow due to its invasion of Ukraine in February 2022. In addition, similar types of oil from the Middle East are more expensive.

In May, India imported about 5.1 million barrels per day of oil, which is 5.6% more than in April. Russian oil imports to India in May increased by 14.7% compared to April and by 5.9% compared to last year.

"Last month, Russian oil was available in large quantities and at better discounts due to lower demand from China," said a representative of one of the Indian refineries.

Author - Serhii Kolomiets, 24/06/2024