Russia’s decline in oil exports to India
Iraq has replaced Russia as the second largest oil exporter to India in January, although it remains the largest exporter on an annual scale.
Data from India’s Center for Import and Export shows that the country’s oil imports from Russia have increased by 92% compared to December, reaching 14 million barrels per day. The report also states that Russia has supplied 27% of India’s oil imports, which amounts to approximately 5 million barrels per day. India is the world’s third largest importer and consumer of oil.
This is despite the fact that Indians previously showed little interest in buying Russian oil due to high logistics costs.
