Russia remained India’s top oil supplier in November for the second month in a row, overtaking Iraq and Saudi Arabia, according to data from energy cargo tracker Vortexa.
This comes despite western sanctions targeting the Russian energy market, as the country has been seeking alternative markets for its crude oil products ahead of the G7 price cap.
According to the data, Russian oil accounted for approximately 23 percent of India’s total oil imports of roughly 4 million barrels per day (bpd) in November.
India’s overall imports fell 11 percent from October to November due to lower demand by Russian-backed Indian refiner Nayara Energy, which closed its 400,000 bpd refinery for maintenance during the month, according to Reuters.
Earlier in December, the G7 nations, Australia, and the 27 European Union countries put a $60 cap on the price of Russian oil to try to limit Moscow’s ability to finance its war in Ukraine.
Russia has said it will not respect the cap even if it has to cut production.
Meanwhile, Saudi Arabia has more than doubled the amount of Russian oil it imported during the second quarter of 2022, fulfilling summer cooling demand and freeing up the kingdom’s crude for export, according to data reviewed by Reuters.
Riyadh imported 647,000 tons of fuel from Russia via Russian and Estonian ports between April and June, up from 320,000 tons in the same period last year.
Imports of Russian fuel via the West Asian oil hub of Fujairah in the UAE also increased over recent months.
In June, inflation in the US reached a 40-year high as runaway fuel prices battered the nation. Other NATO members, such as Germany, fear that entire industries could be destroyed after losing access to Russian fuel.
Meanwhile, many nations across the Global South have increased their imports of Russian oil and gas, taking advantage of its wide availability and lower prices.