In March, India’s crude oil imports decreased by 1.1% compared to the previous year, totaling 20.69 million metric tonnes, as per government data. Crude oil product imports also declined by nearly 12%, while product exports saw a 6.4% decrease. Fuel oil exports surged by almost 79%, and gasoline exports rose by 6.3%. Russia maintained its position as India’s top oil supplier for the second consecutive fiscal year, leading to historic lows in market share for Middle Eastern and OPEC producers. Despite U.S. sanctions on Russian shipping giant Sovcomflot (SCF), an SCF vessel discharged fuel oil at an Indian port, signaling a resumption in supplying Moscow’s key market.
India’s Crude Oil Imports Dip in March, Russia Tops Supplier List
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