Key Points
New Delhi: Russia captured a larger share of India's crude imports in the just-ended fiscal year despite narrowing discounts on its oil and sanctions imposed by G7 nations due its invasion of Ukraine...
The share of Russian oil in India's total imports rose to 35% in 2023-24 from 23% in the previous year, according to energy cargo tracker Vortexa..
During the year, all other key suppliers, including Iraq, Saudi Arabia, UAE, and the US lost share in the Indian market..
Discounts on Russian oil have, meanwhile, dropped sharply from the days immediately after the start of the Ukraine war in February 2022..
For Indian state refiners looking to source cheaper Russian crude without having to deal with the challenges of shipping and insurance, the discounts were much lower at around $12-13 per barrel..
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