India’s import of crude oil from Russia posted a sharp rise in the month of March compared to February amid the war in energy-rich West Asia.
There was a month-on-month increase of 90 percent in the import of Russian crude in March, according to a report by The Times of India.
The rise has come even when India’s total crude import declined by nearly 15 percent.
During the month of March, India also increased its purchase of crude from African nations such as Angola, Gabon, Ghana, and Congo.
On the other hand, the import of liquefied natural gas (LNG) dropped by 92 percent during the same month, the report said.
The rise in Russian crude import by India came after the United States granted a 30-day moratorium for the same amid the supply crunch from the Gulf region due to the United States-Israel-Iran war.
During the months of December, January, and February, India’s buying of Russian crude had declined after the government announced a bilateral trade deal with the US, which was not in favour of India buying Russian crude.
US President Donald Trump has been a vocal critic of countries buying Russian crude oil, as he considers it an indirect funding of Russia’s war with Ukraine.
However, after the start of the war in West Asia, crude oil supply from the region declined as both sides attacked each other’s energy infrastructure and Iran blocked the Strait of Hormuz.
Both these reasons led to a supply crunch across the world. Qatar’s RasGas refinery was one of the early casualties of the war. It was the world’s largest gas exporting unit.
As it was attacked by Iran, QatarEnergy, the owner of the refinery, called force majeure.
This was the reason that India’s imports of LNG from Qatar dropped by 92 percent. However, India has increased its LNG buying from countries like the US, Oman, Angola, and Nigeria.