Crude Oil Imports: India Diversifies As Russia's Share Dips In February
India's Russian crude imports in February stood 7.7% higher year-on-year, but saw a 19.4% drop compared to the previous month.
India's total crude oil imports in February rose 7.5% year-on-year to $13,253.13 million. However, total spends on crude oil imports between April 2023 and February 2024, stood 14% lower at $127 billion, compared to the same period a year ago.
Further, the country's crude import bill saw a shift in terms of its crude sourcing during the month.
Russia's Share Drops
India's Russian crude imports in February stood 7.7% higher year-on-year, but saw a 19.4% drop compared to the previous month. India's Russian imports stood at $3,609.86 million in February 2024, the lowest since September 2023.
Lower crude imports resulted in Russia's share of India's total crude imports in February to be at 27.24%, marking a 995 basis point drop from the 37.19% share it enjoyed a month ago. Annually, Russia's share in February 2024 stood just marginally higher than its 27.18% share a year ago.
Total Russian crude imports between the period of April 2023 to February 2024, did see a 56.45% year-on-year increase, with Russia's share of the total import bill being at 33.36%, compared to the 18.27% a year ago.
Middle East's Share
India's crude oil imports from Iraq and Saudi Arabia in February grew 10.23% and 13.08% year-on-year, respectively, while imports from UAE saw a 2.3% drop on an annual basis.
On a monthly basis, however, imports from Saudi Arabia and UAE grew 68% and 38%, respectively.
Crude imports from Nigeria jumped 3.6 times month-on-month in February. While the USA crude imports rose 20.97% month-on-month to $130.03 million.
Iraq, Saudi Arabia and UAE crude imports, all saw a monthly increase in their share of India's total crude import bill, with Saudi Arabia's share being the highest of the three at 19.64%
