Russia was the Biggest Supplier of Crude Oil to India in January

SEATTLE (Oil Monster): Russia continued to remain as the largest crude oil supplier to India in the opening month of the current year. The data published by the Ministry of Commerce indicates that the country accounted for almost one-third of the total crude oil imports by India during the month.

The crude oil supplies from Russia were valued at $4.47 billion in January 2024, significantly higher by 41% over the same month a year before. Upon comparison with the prior month, the value of imports rose by 14%. The imports from Russia had totalled $3.92 billion in December 2023.

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The country was the largest crude oil supplier to India in 2023 as well. The country had accounted for nearly 30% of its imports. A recent report published by S&P Global Commodity Insights predicts that Moscow will remain as the biggest supplier of crude oil to India through early-2024, despite the Red Sea crisis.

The increased supply from Russia has led to notable year-on-year decline in crude oil imports from traditional suppliers. For instance, the supplies from Saudi Arabia recorded sharp decline, falling by 31.3% over the previous year to $1.55 billion. Also, supplies from the U.S. slumped nearly 91% to total only $107.49 million in January 2024.

Prior to the Russia-Ukraine conflict, Russian oil had accounted for only around 2% of India’s total oil imports.