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- India's imports of Russian oil rose 15.5% through the month of June, per Reuters.
- The country purchased 950,000 bpd from Russia alone, equal to nearly a fifth of its total imports.
- India and China have each upped their intake of Russian oil, which is historically cheap right now.
Indian imports of Russian oil surged through the month of June as it continued to snap up energy on the cheap.
Reuters reported India scooped up 950,000 barrels per day last month, which accounts for almost a fifth of all its imports. India is the world's third biggest oil consumer after China and the United States.
India has been an active buyer of Russian oil even after the country invaded Ukraine. Russian crude oil is priced at a huge discount relative to the Brent international benchmark price, following Western sanctions.
While Europe and other Western countries have either banned Russian imports or simply avoided it, competitive prices have lured Asian buyers, especially in China and India. The two now account for 50% of Russia's seaborne oil exports, Reuters said.
According to Reuters, India's imports from Russia rose 15.5% in June from May. At the same time, its share of oil from Iraq and Saudi Arabia dropped 10.5% and 13.5%, respectively.
Russian oil sales to India and China are bringing in huge profits for the country. In May alone, Russia's oil export revenue jumped to $20 billion, taking Moscow's energy earnings to pre-war levels. To that effect, its energy sales are on track to hit $285 billion this year.
While Russia revels in its profits however, Western economies have been tremendously suffering as soaring oil and gas prices from reduced supply have triggered high levels of inflation and threats of a recession, specifically in Europe, which is highly dependent on Russia for energy.
from Business Insider https://ift.tt/lZPzo6D
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