Oil I oil from Russia in May of this year exceeded the total procurement of this raw materials from countries such as Saudi Arabia, Iraq, the United Arab Emirates (UAE) and the USA.
According to Vortexa, India in May of this year bought 830 thousand barrels of oil from Iraq, the UAE – 203 thousand barrels and the USA – 138 thousand barrels.
Meanwhile, Indian deliveries of raw oil from Saudi Arabia fell to 560 thousand barrels per day, which is the lowest in February 2021.
In turn, Indian oil imports from Russia in the period under consideration reached 1.96 million barrels per day, thus increasing by 15 percent compared to the previous month.
It is worth noting that the share of Russian oil in the import of India amounted to 42 percent of the total procurement of this raw materials by the country.
The share of the organization of oil exporting countries (OPEC) in the export of raw oil of India in May fell to a record low level – 39 percent. The countries under consideration delivered 1.8 million barrels of 4.7 million barrels of oil per day imported by India in May. In April, the daily oil volume amounted to 2.1 million barrels.
amid the conflict initiated by Russia in Ukraine on February 24, 2022, the Western countries chose the country’s export incomes with their targets, using the embargo and the ceiling of prices for Russian oil and oil products.
Under the current conditions, Russia had to look for new directions for the export of oil and oil products, on which the country’s incomes depend.