‘Never seen so many tankers before’ Record import of Russian crude oil in June!

New Delhi: Russian oil imports may reach record high in June. Energy expert Anas Alhaji has claimed this. He said that a large number of tankers loaded with Russian crude oil have been seen at Indian ports. I have never seen such a large number before.

Alhaji, chief economist at NGP Energy Capital Management, said on Monday that as I said in the beginning of June, I would not be surprised if India’s crude oil imports from Russia reach a record high this month (June). I have never seen so many tankers filled with Russian crude oil at Indian ports.

Alhaji also shared a map from Kepler that showed several tankers carrying Russian crude oil to ports across India. His statement comes weeks after a report by the Center for Research on Energy and Clean Air showed that India remained the world’s second-largest buyer of Russian fossil fuels in May, importing an estimated $6.7 billion worth of Russian hydrocarbons.

How much was Russian oil imported in June?
According to CREA, the share of crude oil in India’s imports from Russia during this month was about 83 percent, whose value was 48 billion euros. The value of imports of oil products and coal was 550 million euros and 429 million euros. It has also been revealed that India’s total crude oil import volume has increased by 8 percent month on month in May due to 21 percent increase in the purchase of crude oil from Russia.

Volume of Russian oil increased in Indian refiners
Some of India’s largest refining centers have registered a big increase in the arrival of Russian oil. The amount of oil unloaded at Gujarat’s Vadinar refinery rose 36% from April levels, while supplies at the Jamnagar Refining Complex rose 14%. State-owned refineries also increased purchases after resuming imports earlier this year. Russian crude supplies to the New Mangalore Refinery in May rose 13% from the previous month, while imports to the Visakhapatnam Refinery rose 42%.

Help from Russian oil
Odisha’s Paradip Refinery has registered a double increase in the quantity of Russian oil in two years. Waste contracts and trade sanctions following Moscow’s invasion of Ukraine have reshaped global energy markets, with Russia remaining a major supplier to India. Indian refiners have steadily increased purchases of discounted Russian crude, which has helped control energy costs and improve refining margins.

Let us tell you that according to CREA, China’s share in Russia’s crude oil exports in May was 50%, followed by India’s 36%, Turkey’s 6% and the European Union’s 5%.