Russian oil exports to India have quadrupled since early March compared to the 2021 average. FinancialTimes with reference to the analytical company Kpler.
During the first half of the month, according to Kpler, Russia exported 360,000 barrels per day to India. And according to the current delivery schedule, following the results for the whole month, the average daily volume of Russian oil supplied to India will reach 203,000 barrels.
According to Kpler boss Alex Bout, India traditionally buys oil from the Russian-Kazakh consortium of the Caspian Pipeline. Now the country has turned to buying mainly Russian oil from the Urals.
India, according to experts, tried in the past not to buy Russian oil due to high logistics costs, so the share of Russian oil in Indian imports was only 5%. Now, however, as explained by Lars Barstad, managing director of the American tanker company Frontline, the discount on Russian oil is around 25 to 30 dollars per barrel, while freight rates will only add 3 to 4 dollars per barrel, which makes its purchase economically advantageous. for India.
India’s oil needs are 85% covered by imports. And the increase in Russian oil supplies has allowed the country to avoid a sharp rise in fuel prices, as is happening in the United States and Europe after the imposition of sanctions against Russia. India’s Oil Minister, Hardeep Singh Puri, pointed out this week that energy prices in the country had only risen by 5%. The minister said that the Indian government intends to continue to act in the interest of its citizens.
About the difficulties encountered by Russian oil exporters after the start of the Ukrainian crisis, read the document “Kommersant” “Russian authorities have recognized problems with oil exports.”