India's Russian oil imports rise in May as refiners boost purchases
India increased its imports of Russian fossil fuels in May, with crude oil accounting for the majority of the 5.8 billion euro total. Despite geopolitical pressures, Indian refiners continue to leverage discounted Russian supplies to improve margins and meet domestic demand.
Why it matters
Illustrates India's strategic energy policy and its role in global oil markets amidst Western sanctions on Russia.
India remained the world s second-largest buyer of Russian fossil fuels in May, importing an estimated 5.8 billion euros ($6.7 billion) worth of Russian hydrocarbons as refiners stepped up crude purchases from Moscow, European think tank Centre for Research on Energy and Clean Air (CREA) said in a report.
The article reports on trade data and market trends neutrally, citing a think tank report.
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