India Increases Oil Imports from Russia Amid Middle East Supply Crisis
India plugs oil gap as Middle East supplies sink
The Economic TimesImage: The Economic Times
India has significantly increased its oil imports from Russia and revived supplies from Africa, Iran, and Venezuela to address a crude shortfall caused by disruptions in the Middle East. Despite higher prices and a decrease in overall imports, India aims to maintain its oil supply stability while managing domestic fuel costs.
- 01India has ramped up Russian oil imports to nearly 1.98 million barrels per day in March.
- 02The country is diversifying its oil sources, reviving ties with African nations and resuming imports from Iran and Venezuela.
- 03Despite these efforts, India's overall crude imports fell to 4.5 million barrels per day in March.
- 04The government has kept fuel prices stable for four years, but a price hike may occur after state elections.
- 05Analysts warn that African oil cannot fully replace Middle Eastern supplies due to compatibility issues.
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India has intensified its oil purchases from Russia, importing nearly 1.98 million barrels per day (bpd) in March, a significant increase from earlier months. This surge comes as the country faces a crude supply shortfall due to disruptions in the Middle East, particularly following attacks on Iran. To mitigate the impact, India has also revived oil supplies from Africa, Iran, and Venezuela, with imports from Angola reaching 327,000 bpd, nearly three times the previous month's volume. However, overall crude imports dropped to 4.5 million bpd in March from 5.2 million bpd in February. Analysts caution that while diversifying sources is beneficial, African crude may not fully substitute for Middle Eastern oil due to differences in crude grades. Despite rising oil prices, the Indian government has maintained fuel prices for four years, although a potential increase of up to 28 rupees (30 cents) per litre could follow key state elections. The government has taken measures to shield citizens from international price hikes, but the situation remains precarious.
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The increase in oil imports aims to stabilize fuel supplies in India, potentially affecting domestic fuel prices and consumer costs.
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