Russia remains largest oil supplier to India

By Alimat Aliyeva

Russia retains its status as a leading supplier of oil to India. In April-September 2024, oil imports from Russia to India increased by 2.5 percent compared to last year, Azernews reports.

India remains the largest export destination for offshore oil from Russia and buys Russian oil at discounted prices.

Currently, Russia's share in the total volume of oil imported by India is 39 percent. Iraq is in second place with 18 percent, and Saudi Arabia is in third with 13 percent. The share of the United Arab Emirates rose to 8 percent from 5 percent in the previous year, and the share of the United States increased to 5.5 percent in April-September. The total volume of oil imports to India has increased by 4 percent this year. In September, the volume of oil supplies from Russia increased by 6.4 percent compared to August and reached 1.88 million barrels per day.

India is the third largest consumer of oil in the world with over 85 percent dependence on imports.