• Friday, April 12, 2024

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India increased Russia oil imports by more than 400,000 bpd in April

A worker stacks oil barrels at a filling station in n Chennai on February 24, 2022. (Photo by Arun SANKAR / AFP) (Photo by ARUN SANKAR/AFP via Getty Images)

By: Reuters

INDIA cranked up Russian oil imports by 4.7 times in April – may, or by more than 400,000 barrels per day (bpd), year-on-year, thanks to a price discount, the Russian central bank said on Tuesday (26).

Indian refiners have been snapping up relatively cheap Russian oil, shunned by Western companies and countries since sanctions were imposed against Moscow for what it calls a “special military operation” in Ukraine.

The central bank also said that China increased Russian oil purchases by 55 per cent in May as Russia surpassed Saudi Arabia as the top oil seller to China.

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