India boosted Russian oil imports in April-May by more than 400,000 bpd

India cranked up imports by more than 400,000 bpd, year-on-year, thanks to a price discount, the Russian central bank said

Reuters
Published : 27 July 2022, 03:56 AM
Updated : 27 July 2022, 03:56 AM

India cranked up Russian oil imports by 4.7 times in April - May, or by more than 400,000 barrels per day (bpd), year-on-year, thanks to a price discount, the Russian central bank said on Tuesday.

Indian refiners have been snapping up relatively cheap Russian oil, shunned by Western companies and countries since sanctions were imposed against Moscow for what it calls a "special military operation" in Ukraine.

The central bank also said that China increased Russian oil purchases by 55% in May as Russia surpassed Saudi Arabia as the top oil seller to China.

Toufique Imrose Khalidi
Editor-in-Chief and Publisher