India, one of Asia’s biggest crude importers, emerged as a huge buyer of Russian cargoes following Moscow’s invasion, with refiners taking shipments shunned by processors in Europe and the US.
The share of Russian oil in India's overall imports rose to about two-fifths in the first half of fiscal 2023/24, consolidating Moscow's position as the top supplier as refiners curbed purchase from the Middle East, industry data showed.
India's Oil Imports from Russia: Daily volumes climbed to 2.2 million barrels a day in June, rising for a 10th month, according to Viktor Katona, the head of crude analysis at Kpler
India s import of cheap Russian oil scaled another record in May and is now more than the combined oil bought from Saudi Arabia, Iraq, UAE and the US, industry data showed.
While China could "buy literally the entire Russian oil exports" as it abandons Covid-zero policies, Russia will want to keep the Indian market because it is more lucrative.