India decides its own trade preferences : Russian oil imports rise to nine-month high in April

An aerial view shows Vladimir Arsenyev tanker at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS

United States of America issued a Farman that no country will import Russian oils. The Europian Union cheered and Brexit Britain too put its thumb mark on the sanction Farman.

As a result entire Western Europe shivered in the winters and many countries obeyed is a use permitted for your the dictate except of course India and China. No one now dare dictate to India.

Since Russia lowered its prices for its oil, especially for India, tecountry began importing Russian oil. However soon there was a block, first due to time being taken to resolve the payment system …switching from dollars to Ruppee / Rouble and then availability of tankers. Suddenly oil tankers were not available to ship this Russian oildue to fear of the Farman.

Finally in April stepped in the tankers operated by Russia’s largest shipping company Sovcomflot. As they resumed operations, the result is there for everyone to see. India’s Russian oil imports rose a nine-month high in April and this has been confirmed from data obtained from shipping and trade sources.

Refiners in India had a brief problem importing Russian oil in tankers belonging to Sovcomflot because of payment problems.

In a fit of rage, the West has imposed the sanctions against Russia since start of Ukraine conflict in 2022 and enacted price caps on oil and oil products loaded at Russian ports aimed at cutting Moscow’s oil revenue. America wanted to cripple Russian economy and the aim was to do the same thing to a rapidly rising India.

India,te third largest economy is also the world’s third-biggest oil importer and consumer, and now is the top client for Russian seaborne oil.

In April, the first month of the fiscal year 2024/25, Indian refiners shipped in nearly 1.8 million barrels per day (bpd) of Russian oil, up about 8.2% over the previous month, expanding Russia’s share in India to about 38% from 32% in the previous month, the data showed.

India’s oil imports from various regions

Overall, India imported 4.8 million bpd of oil in April, a decline of 6.5% from the previous month and marginally higher than April 2023.

Russia continued to be the top oil supplier to India followed by Iraq and Saudi Arabia.

However, increased purchases of Russian oil has not actually not reduced the volume of oil purchased by Indian refiners’ from Iraqi and Saudi Arabian oil during the month. Only the percentage in total purchase has come down. The share of Middle Eastern oil is now only 41% diwn from 46% in March, the data showed. May be after the general elections are over and NDA Government is once again firmly in saddle then India may increase the volume of import from both Middle East, Russia and may even get it from South America to build up reserves.

The percentage of imports ( not volume ) from the Middle East has further reduced the Organization of the Petroleum Exporting Countries’ share in India’s crude basket to 46% in April from 53% in March, the data showed.

Higher imports of Russian oil boosted the share of oil from the Commonwealth of Independent States, comprising Kazakhstan, Azerbaijan and Russia, in India’s imports to 41% last month from 37% in March.

Some clever chaps in Western Media are trying to cleverly use theabove data to give out an impression that India is cutting down its oil imports from OPEC. However this is not the case. We have te best relations with them and overall bilateral trade between Middle East countries and India is rising day by day.

However message is Loud and Clear ….no one dictates to India.

India’s oil imports from various regions