India’s purchases of Russian crude have increased over sixfold in the first nine months of this year, according to data compiled exclusively for TradeWinds.
Between January and September, India imported 20m tonnes of crude oil from Russia versus the 3.3m tonnes in the corresponding period last year, said Banchero Costa.
“This year Russia has accounted for 12% of India’s total crude imports against just 2% of imports last year, making it the third largest exporter to India after Iraq and Saudi Arabia,” said Ralph Leszczynski, Banchero Costa’s Singapore-based head of research.
