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Russia dominates the Indian oil market amid the Russian-Ukraine conflict

Russia has been constantly making its way into the Indian oil market and has most likely become the biggest supplier to the large Asian buyer. According to the tanker tracking figures compiled by Bloomberg and two oil analytics firms, it is seen that even though Moscow is deprived of many of its traditional buyers. Still, currently, it is on course to deliver around 1 million to 1.2 million barrels of crude to the world’s third-biggest oil importer this month. This will be placing Moscow meck to neck or somewhat above Iraq, and very ahead of Saudi Arabia. The surge in the flow is going to be seen with unease by Baghdad, especially ever since oil from Iraq had to lower the prices to compete for market shares across Asia. 


Amid the ongoing Russian invasion of Ukraine, India has been buying Russian barrels at cheap prices. This has never happened before in history and even Russia’s president Vladimir Putin noticed it. The flow of oil increased in the Asian markets because European companies stopped buying oil from Russia, forcing them to find alternative markets. Tracking figures are different from provider to provider, depending upon different assumptions and underlying information about the cargoes. However, figures from Kpler, Vortex, and Bloomberg all state that India has been in the top position. 


Kpler’s data reveal that arrivals of Russian oil into the Indian market averaged 1.2 million barrels per day so far in the month of June, that is a quarter of crude flowing into the country. Iraq’s daily supplies might be around 1.01 million barrels while Saudi Arabia’s are on a course for 662,000 a day. India on the other hand has been defending its purchase from Russia saying that its national interest is to source cheaper crude oil. 


By TIS Staffer
the authorBy TIS Staffer

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