Foto: REUTERS/Tatiana Meel/File Photo
Delhi, India — While the West tightens sanctions against Russia, India has seized the opportunity to set a new record in buying Russian oil. According to Reuters, in May 2024, India’s import of Russian oil reached an unprecedented level of 2.1 million barrels per day.
Development of Events
After European countries largely abandoned Russian oil in response to Russia’s invasion of Ukraine in February 2022, India has become one of the largest buyers of Russian “black gold.” The country’s refineries are actively purchasing discounted Russian oil to reduce costs and ensure stable supplies.
Economic Consequences
A decrease in demand for Russian oil from China, the world’s largest energy consumer, has created an opportunity for India to fill this gap. In May, Russia’s share of the Indian oil market rose to nearly 41%, making it one of the country’s largest oil suppliers.
Geopolitical Impacts
Buying discounted oil allows India to not only save money but also strengthen its economic position on the international stage. However, this strategy is eliciting mixed reactions from Western countries that are trying to economically isolate Russia.
Looking Ahead
India continues to increase its imports of Russian oil despite potential geopolitical risks. In May, the country shipped about 5.1 million barrels per day, approximately 5.6% more than in April. This indicates that the Indian economy is actively seeking ways to reduce costs and ensure energy security.
How long India can balance between economic benefits and political risks remains to be seen. But one thing is certain — the country is not about to turn down lucrative offers on the global oil market, even if it contradicts the interests of its Western partners.
Time Ukraine Israel also notes that Indian refineries are keen to maximize the current situation by purchasing oil at advantageous prices, thereby bolstering their energy security. More details can be found in the Reuters article: India’s May oil imports from Russia hit record high.
