India’s Energy Strategy Shifts Again as Russian Oil Imports Jump 21% in May. (IMG INTERNET)
New Delhi: India’s imports of Russian crude oil recorded a significant rise in May, driven by higher purchases of discounted barrels by domestic refiners, according to a new report by the Centre for Research on Energy and Clean Air (CREA).
The report estimates that India imported Russian fossil fuels worth around 5.8 billion euros (approximately USD 6.7 billion) during the month, making it the second-largest buyer of Russian energy after China.
Crude oil remained the primary component of India’s energy trade with Russia, accounting for nearly 83 per cent of total imports. This translates to about 4.8 billion euros in crude purchases alone. Oil products and coal followed, valued at 550 million euros and 429 million euros respectively.
CREA also noted that India’s overall crude imports rose by 8 per cent in May compared to April, with Russian shipments increasing by 21 per cent, driving much of the growth.
Several Indian refiners increased intake of Russian crude during the month. Gujarat’s Vadinar refinery saw a 36 per cent rise in deliveries, while Reliance Industries’ Jamnagar complex recorded a 14 per cent increase.
State-run refiners also expanded imports after resuming Russian crude purchases earlier in the year. New Mangalore refinery imports rose 13 per cent, while Visakhapatnam saw a sharp 42 per cent jump.
Paradip refinery in Odisha registered its highest Russian crude intake in two years, highlighting continued demand for discounted supplies.
The report noted that China accounted for 50 per cent of Russia’s crude exports in May, followed by India at 36 per cent. Turkiye and the European Union accounted for smaller shares.
Despite Western sanctions, oil products refined from Russian crude continued reaching sanctioning countries through indirect routes. Export shipments from refineries in India and other nations were valued at 641 million euros.
Major refineries such as Jamnagar, STAR in Turkey, and Izmit were among those linked to exports reaching markets including the United States, the EU, Australia, and New Zealand.
India’s growing dependence on discounted Russian crude highlights a broader shift in global energy trade patterns following the Ukraine conflict, as refiners prioritize cost advantages amid volatile markets.
