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Russian crude oil imports hit 10-month high

Photo for representational purpose only. - File photo

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India’s imports of the Russian crude oil surged to a 10-month high of 1.96 million barrels per day in May, driven by continued availability at significant discounts as compared to global benchmark prices, according to ship-tracking data from Kpler.

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India, the world’s third largest oil importing and consuming nation, bought from abroad around 5.1 million barrels of crude oil, which is converted into fuels like petrol and diesel in refineries.

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Of this, Russia was the largest supplier, accounting for over 38 per cent of the supplies, while Iraq remained the second-largest supplier, with 1.2 million bpd of sales to India.

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