India's response to the crude-oil shock has been quick. It seems to be visibly changing its oil-supply chain, going by data from S&P Global Market Intelligence data.
The most visible change is the absence of the US from the top suppliers league in Q2CY22. In CY21, the country supplied 8 percent of India's oil needs. Russia's addition to the top-suppliers list is also hard to miss. According to an earlier report from S&P Global Market Intelligence report, Russian-origin crudes made up for 1 percent of India's total seaborne imports in all of 2021 and Q1CY21.
"India’s seaborne crude oil imports surpassed 4.8 million barrels per day (b/d) in April, the highest on record, with higher Mideast and Russian volumes displacing cargoes from further afield, such as the US, Canada and West Africa," the research team had written in an earlier report.
"Iraq remained the top supplier to India, with flows stable at a combined 1.2 million b/d. Strong Middle East arrivals offset volumes from West Africa and the US," it said.
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