Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Israeli media: At least two soldiers killed by anti-tank missile fired at Israeli army forces in the Gaza Strip
Local Syrian sources: Mortar shells fell on more than nine villages in the Sweida countryside
Local Syrian sources: Dozens of dead and wounded have arrived at Sweida hospitals as a result of ongoing clashes at several locations in the western Sweida countryside
Local sources: Civilians, including children and women, were injured in the al-Maqous neighborhood of Sweida, in Syria, as a result of ongoing clashes
Israeli media outlet: Security incident reported in the Gaza Strip
Iranian Foreign Ministry spokesperson: No new date or venue has been set for the meeting between Araghchi and Witkoff, and no negotiations will take place until the outcome is guaranteed
Palestinian platforms: Settlers storm Al-Aqsa Mosque complex under the protection of the occupation police
Palestinian platforms: The IOF detonated a booby-trapped robot east of the al-Zaytoun neighborhood, south of Gaza City
Syrian Defense: We call on all parties in Sweida to cooperate with security forces and exercise restraint
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation

India's crude oil imports from Russia soar 80% in September

  • By Al Mayadeen English
  • Source: Financial Express
  • 2 Oct 2023 11:14
4 Min Read

Currently, Russia is the largest supplier of crude oil to India, followed by Iraq and Saudi Arabia.

  • x
  • refinery
    Steam emits from a crude oil refinery in Kochi, Kerala state, India, Aug. 26, 2022. (AP/R S Iyer, File)

A report by the Financial Express on Tuesday detailed that in the month of September, India saw an impressive 80% surge in crude oil imports from Russia, rebounding from a slight decline in the summer months.

The data, sourced from energy cargo tracking company Vortexa, revealed that the share of Urals crude in India's crude oil imports reached 1.56 million barrels per day in September, a stark contrast to the 865,000 barrels per day during the same period the previous year. On a monthly basis, imports rose by 8% from 1.44 million barrels per day.

Additionally, data from the commodity research and analysis firm Kpler indicated that crude oil imports from Russia in September reached 1.8 million barrels per day, a notable increase compared to 977,000 barrels per day in September 2022.

Read more: India neither steering away from US, nor toward Russia: Reuters

Analysts attribute this significant rise in India's crude oil imports from Russia to more favorable pricing and the ongoing ban on diesel and gasoline exports from Russia, which has prompted Indian refiners to increase their purchases.

India's crude oil imports from Iraq also experienced a substantial uptick in September, reaching 926,000 barrels per day, marking a 14.6% year-on-year increase and an 8.54% month-on-month rise, according to Vortexa data.

A similar trend was reflected in Kpler's analysis, indicating imports from Iraq at 916,000 barrels per day for the previous month, compared to 805,000 barrels per day during the same period the previous year.

Currently, Russia is India's largest crude oil supplier, followed by Iraq and Saudi Arabia. Saudi Arabia, although among the top three suppliers, has witnessed a significant reduction in its share of Indian crude oil imports over time.

Related News

Zelensky presses EU to tighten oil price cap as sanctions talks stall

EU delays exit proposal from Russian energy amid geopolitical shifts

In September, India imported approximately 506,000 barrels per day of crude oil from Saudi Arabia, a substantial drop from the 855,000 barrels per day in August, according to Vortexa data. Imports from Saudi Arabia have declined by nearly 45% since September 2022, primarily due to increased costs associated with Saudi Arabian crude after the country extended its production cuts until December.

Read more: Russia-India payments up 5 times in 2023: Sberbank

Analysts anticipate that India will continue to maintain its current level of crude oil imports during the upcoming winter season, largely because of Russia's ongoing ban on diesel and gasoline exports.

Furthermore, there are concerns about whether Saudi Arabia and Russia will extend their production cuts beyond December, potentially further impacting crude oil prices. Brent crude recently reached $97 per barrel, its highest level since November 2022, and analysts speculate that if supply restrictions persist, crude prices may continue to rise in the first half of 2024.

Nonetheless, while India has significantly increased its crude oil imports, its total oil imports for August amounted to $13.20 billion, reflecting a 23.7% decrease compared to the previous year in terms of value, according to data from the commerce ministry.

Europe purchasing Russian oil from India

On September 12, AFP reported that official data revealed a remarkable surge in Germany's imports of refined oil products from India during the first seven months of the year.

These imports, totaling 451 million euros ($480 million), are believed to be primarily derived from crude oil originating from sanctions-affected Russia.

The astounding increase of over 1,100 percent, compared to the 37 million euros spent over the same period the previous year, was reported by Germany's national statistics agency, Destatis.

This twelve-fold rise in imports comes as a consequence of India's emergence as a significant buyer of Russian crude following the start of the Ukraine war in February 2022.

  • Russian oil
  • Iraq
  • Russia
  • India
  • Saudi Arabia
  • Crude oil

Most Read

Hezbollah SG reveals war details on Al Mayadeen for the first time

Hezbollah SG reveals war details on Al Mayadeen for the first time

  • Politics
  • 8 Jul 2025
Major ambush in Gaza kills 6 Israeli troops, injures dozens

Major ambush in Gaza kills 5 Israeli troops, injures 14

  • Politics
  • 8 Jul 2025
Israeli soldiers are seen in Beit Hanoun ahead of an operation by the al-Qassam Brigades, undated (Al-Qassam Brigades Military Media)

'Israel' on blast as media exposes report discrepancies in Gaza ambush

  • Palestine
  • 8 Jul 2025
Yemen Navy sinks ETERNITY C ship, shares footage of operation

Yemen Navy sinks ETERNITY C ship, shares footage of operation

  • Politics
  • 9 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
The Freedom Flotilla ship Handala as it departs for Gaza, where it aims to break the maritime blockade at a port in Syracuse, Sicily in southern Italy on July 13, 2025. (AFP)
Palestine

Freedom Flotilla's Handala departs Sicily in bid to break Gaza siege

The container ship CMA CGM Laperouse, left, docks at the Georgia Ports Authority's Port of Savannah, Sept. 29, 2021, in Savannah, Ga (AP)
Politics

US shipbuilding woes deepen as tariffs, outdated policies backfire

Gaza war raises ethical questions for ex-Obama, Biden officials
Politics

Mercenary firm tied to Gaza war crimes hires Obama-Biden PR operatives

'Israel' targets children in Gaza collecting water
Palestine

'Israel' strikes Gaza kids fetching water, blames it on 'malfunction'

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS