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Indian foreign relations

India to Continue Buying Oil from Russia Despite US Threats

Strategic Insights

— 1 min read

India has reaffirmed its commitment to purchasing oil from Russia, citing the "steady and time-tested" nature of their relationship and the country's need to secure its energy supplies. The Indian foreign ministry's statement comes in response to U.S. President Donald Trump's threats to impose tariffs on Indian goods due to New Delhi's continued purchases of Russian oil. As India's reliance on Russian oil has increased, so has its impact on global energy markets, with Moscow now accounting for nearly 40% of India's oil imports at one point.

Key Takeaways:

  • India has committed to continuing its oil purchases from Russia, despite US threats to impose tariffs.
  • India's relationship with Russia is characterized as "steady and time-tested" by the Indian foreign ministry.
  • India's oil consumption is around 5.5 million barrels per day, with nearly 88% met through imports.
  • Russia has become the largest supplier of crude oil to India, with imports peaking at 2.15 million barrels per day in May 2023.
  • India began buying Russian oil at discounted rates after the West shunned Russia due to its invasion of Ukraine.
  • Indian oil imports from Russia rose from 68,000 barrels per day in January 2022 to 1.12 million barrels per day in June 2022.
  • India's oil imports from Russia vary, but Moscow has become a significant supplier, even surpassing historical imports from the Middle East.

Statistics:

  • India's daily oil consumption is around 5.5 million barrels.
  • Nearly 88% of India's oil consumption is met through imports.
  • Russia accounted for nearly 40% of India's oil imports at one point.
  • India imported 68,000 barrels per day of crude oil from Russia in January 2022.
  • By June 2022, oil imports from Russia increased to 1.12 million barrels per day.
  • Imports peaked at 2.15 million barrels per day in May 2023.
  • India's oil imports from Russia have varied since May 2023.

Sources:

  • "India will continue to buy oil from Russia despite U.S. threats" - AP News (no date)
  • Press Trust of India, citing data from Kpler
  • "India's oil consumption and imports" - Various online sources (no date)

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