look news india
New Delhi: Crude oil imports from Russia rose to $14.7 billion in the first quarter (April-June) of the current financial year, up 25 per cent from $11.83 billion in the same period last year.
However, according to official data from the Commerce Department, India bought Russian crude oil worth $4.6 billion in June, down from $5.8 billion in May. In value terms, Russia's share in India's crude oil imports in the first quarter was 36.6 per cent, slightly higher than 35.8 per cent in the first quarter of FY24.
Oil purchases tilted towards Russia as crude oil prices were above $81 a barrel in the first quarter of FY20. Prices have mostly remained above this level in April, May and June too.
India's total crude oil imports grew 22.3 per cent to $40.2 billion in Q1 FY25 from $33 billion in Q1 FY24. India's crude oil imports came from 22 countries, compared to 24 countries a year ago.
Industry sources say imports from Russia are likely to rise in the coming months even as Russian refiners ramp up domestic fuel production. However, Russian shipments will face stiff competition in crude oil supplies from the UAE and Iraq, where import volumes are expected to grow by 90 per cent and 13.5 per cent, respectively, in the first quarter of FY25.
