Analysis from S&P Global Commodity Insights indicates that while Indian refineries have moderated their appetite for Russian crude in recent months compared to the first half of 2023, Russia maintains its position as the top supplier, contributing over 35 per cent of India's total crude
The report emphasised that these purchases, totalling an estimated 1.95 million barrels per day (b/d), were pivotal in averting potential chaos in the crude oil market and preventing a surge in prices by approximately USD 30-USD 40 per barrel.
India's crude oil imports from Russia have increased manifold in the past few months so as to secure the country's energy security. A large portion of India's energy demand is met through imports.
New Delhi [India], June 26 (ANI): United States appreciates India efforts to move away from purchasing Iranian and Venezuelan oil imports and will do everything to ensure that it has adequate crude supplies, US Secretary of State Michael Pompeo said on Wednesday.