Russia remains top supplier of crude oil to India in April; supplies 1.68 million bpd

The share of Russian crude in India’s import basket stood at over 36 percent in April, compared to 33.9 percent in the previous month.

Russia remained the top supplier of crude oil to India in the month of April as Moscow continues to supply crude at discounted prices.

According to data by energy tracker Vortexa, the Eurasian country supplied 1.68 million barrels per day (bpd) of crude to India in April, once again surpassing traditional Middle-Eastern suppliers of crude oil to India.

In April 2023, Iraq supplied 812,000 bpd of crude oil to India while Saudi Arabia provided 671,000 bpd.

The share of Russian crude in India’s import basket stood at over 36 percent in April, compared to 33.9 percent in the previous month.

Russia has become a major source of crude oil to India ever since Moscow sent troops into Ukraine in February 2022. India is importing the maximum crude oil from Russia since October 2022.

Moscow has been diverting its oil to Asian countries, especially India and China, at discounted rates as the European Union (EU) and the US imposed a slew of sanctions on Moscow after the war between Russia and Ukraine broke out.

Russian Urals

The major share in India’s imports of Russian crude oil consists of its sour grade — Urals. However, in April, the growth in imports was driven by sweeter grades of Russian crude oil.

Indian imports of sweeter ESPO blend almost doubled in April. India imported 175,000 bpd of ESPO blend in April, compared to only 91,000 bpd in March. Similarly, imports of Novy Port, a light sweet crude, also doubled in April from the previous month.

Meanwhile, India imported 1.2 million bpd of Russian Urals in April, a slight increase from 1.1 million bpd from the month ago.

Compared to sour grades of crude oil, sweet crude oil is easier to refine and is therefore costlier. The oil industry has classified crude oil based on its sulphur content (sweet or sour) and density (light or heavy).