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Shafaq News/ India's oil imports from Russia continue to rise in the wake of Moscow's invasion of Ukraine, exceeding the combined supplies of Iraq and Saudi Arabia, after they were the largest oil exporters to India during the past years.
According to S&P Global data, "India's imports of combined oil from traditional suppliers in the Middle East fell to 47% during the January-April period from about 75% of total imports in the same period last year."
And she continued, "India's imports of crude oil from Russia reached a new high of 1.8 million barrels per day in April, which is twice its purchases from Iraq, India's largest traditional oil supplier in the past. Moreover, India's imports of Russian oil exceeded its joint flow from The Kingdom of Saudi Arabia and Iraq for the first time during the first quarter of this year 2023.
Indian Petroleum Minister Hardeep Singh Puri said, "The preference of some countries to continue buying Russian oil helped adjust the global supply and demand balance better with the changing market dynamics."
"If this were not the case and everyone was looking to buy non-Russian oil, prices would have gone up even more," he added.
Puri also indicated that "today we buy $20 billion worth of energy products from them. We used to buy oil from about 27 countries a few years ago, and we reached 39 with the emergence of new sources such as Guyana."
He pointed out, "The real problem has arisen because producers want to produce less in order to maximize profits. The high-price environment has not been compatible with the global economic situation, which is already inflated, and yet, therefore, whatever reductions in production are taken will have to be made." The market has to adapt to it."
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