Russia had the largest share in India's crude oil imports in the last financial year

New Delhi: Russia's influence in India's crude oil imports increased in the financial year ending 2023-24. Despite the decline in discounts on Russian oil, Russia remains the largest exporter compared to India's traditional exporters.

The share of Russian oil in India's total crude oil imports was 35 percent, which was 23 percent in the financial year 2022-23.

The share of other suppliers of India's crude oil such as Iraq, Saudi Arabia, UAE and the US declined to 20 per cent, 15 per cent, 6 per cent and 3.50 per cent respectively.

In the last financial year, Russia supplied an average of 15.70 lakh barrels of crude oil per day to India, which was 10 lakh barrels in the financial year 2022-23. In comparison, in the financial year 2022-23, Iraq supplied 8.90 lakh barrels which was 9.50 lakh barrels per day.