Russian oil boom in India!
In the last four years, Russia has dominated the trade of not only crude oil but also sunflower oil. The consumption of sunflower oil in India is very high, but the local production is very low. In the year 2024, Russia became India’s largest sunflower oil supplier, whereas earlier this place was held by Ukraine. According to experts, Russia’s easy access to ports has made it a reliable option for India.
War changed the supply line
Since the war between Russia and Ukraine, Ukraine has been sending most of its sunflower oil consignments to Europe. Dependence on road and rail for transportation to India increased, due to which the cost also increased. Whereas Russia sent its huge crop to the Indian market and gave competitive prices. According to Sandeep Bajoria, President of the International Association of Sunflower Oil, India imported 2.09 million tonnes of oil from Russia during this period, which is almost twelve times more than in 2021.
Why is sunflower oil important for India
Sunflower oil comes third in consumption of edible oils in India. Palm oil is most used, followed by soybean oil and then sunflower oil. Production in the country is very low, about less than 5%. This is the reason why dependence on imports increased. Russia introduced competitive prices to make its place in the Indian market. Before the war, Ukraine was India’s biggest supplier, but now most of Ukraine’s crops have gone to Europe.
India-Russia relations and supply stability
Both India and Russia recently visited each other’s countries to strengthen the supply chain. The SEA delegation visited Russia in September to further strengthen trade ties and trust. Experts say that in the times to come, Russian sunflower oil will remain a reliable option in the Indian kitchen.