India's oil imports from Russia surged 15% through June as it doubled down on cheap energy
- India's imports of
Russian oilrose 15.5% through the month of June, per Reuters.
- The country purchased 950,000 bpd from
Russiaalone, equal to nearly a fifth of its total imports.
Indian imports of Russian
India has been an active buyer of Russian oil even after the country invaded Ukraine. Russian crude oil is priced at a huge discount relative to the Brent international benchmark price, following Western sanctions.
While Europe and other Western countries have either banned Russian imports or simply avoided it, competitive prices have lured Asian buyers, especially in China and India. The two now account for 50% of Russia's seaborne oil exports, Reuters said.
According to Reuters, India's imports from Russia rose 15.5% in June from May. At the same time, its share of oil from Iraq and Saudi Arabia dropped 10.5% and 13.5%, respectively.
Russian oil sales to India and China are bringing in huge profits for the country. In May alone, Russia's oil export revenue jumped to $20 billion, taking Moscow's energy earnings to pre-war levels. To that effect, its energy sales are on track to hit $285 billion this year.
While Russia revels in its profits however, Western economies have been tremendously suffering as soaring oil and gas prices from reduced supply have triggered high levels of inflation and threats of a recession, specifically in Europe, which is highly dependent on Russia for energy.
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