An executive of ONGC said on Saturday that Russia could account for nearly a third of imports of Indian crude oil (IOC.NS) in the current fiscal year.
Vinod Kumar told a committee at St Petersburg International at the Economic Forum: “The share of Russian crude oil imports, which was less than 2% on 21/22, increased 10 times, to about 20% in India’s purchase of crude oil imports.”
He added: “In the case of Indian oil, the jump in Russian imports is deeper: from 0.1% on 21/22 to 21.5% on 22/23. I predict that for the current year, 23/24, the figures will be available (in) 30%. “
Imports of Russian crude oil to India – the world’s second-largest crude importer – reached an all-time high in May, with buyers engaged in reduced supplies, reducing oil demand from the Middle East and Africa, according to preliminary estimates from ship trackers.
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