India's import of Russian oil drops in Nov to lowest level since June 2022

India's import of Russian oil drops in Nov to lowest level since June 2022

India's import of Russian crude oil dropped in November to its lowest level . but the Kremlin continues to be the biggest source of oil for India, according to a monthly tracker report of a European think tank.

India became the second biggest buyer of Russian crude oil since Moscow invaded Ukraine with purchases rising from less than one per cent of the total oil imported to almost 40 per cent of the country's total oil purchases.

The rise was primarily because the Russian crude oil was available at a discount to other internationally traded oil due to the price cap and the European nations shunning purchases from Moscow.

"India's imports of Russian crude oil dropped by a massive 55 per cent in November - the lowest figure since June the Centre for Research on Energy and Clean Air (CREA) said its latest report.

Russia remained India's top oil supplier, followed by Iraq and Saudi Arabia."China has bought 47 per cent of Russia's crude exports, followed by India (37 per cent), the EU (6 per cent), and Turkey (6 per cent)," CREA said without giving absolute numbers.

Russia predominantly sells ESPO and Sokol grades of crude oil to India.Besides crude oil, India bought smaller quantities of coal from Russia.

"From December  until the end of November 2024, China purchased 46 per cent of all Russia's coal exports - India (17 per cent), Turkey (11 per cent), South Korea (10 per cent), and Taiwan (5 per cent) round off the top five buyers list," according to CREA.

All fossil fuels taken together, "India dropped to third in the list of largest buyers of Russian fossil fuels in November, contributing 17 per cent (EUR 2.1 billion) to Russia's monthly export earnings from its top five importers. 

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