CREA’s data, derived from tracking ship movements and pipeline flows from Russia, buttress the Indian government’s May 4 statement that, “Despite attempts to portray it otherwise, energy purchases from Russia remain miniscule in comparison to India’s total consumption.” India imports 85% of its crude to meet domestic demand.

“India’s energy needs are enormous with daily consumption of around five million barrels and a refining capacity of 250 million metric tonne per annum. Indian energy companies buy from all major oil producers in the world. Our top 10 import destinations are mostly from West Asia. In the recent past, the US has become a major crude oil source for India with almost 7.3% of market share of crude oil imports,” the government had said.

CREA said, “China’s imports have continued to increase, but India’s import volumes in fact fell from May to June, while remaining far above pre-invasion levels.” Russia’s overall crude export too fell in June mainly due to weak demand globally.

According to CREA, India’s crude import from Russia was negligible in February. In March, India’s share in total exports from Russia was just 1% which went up to 2% in April and further to 7% in May.

On the other hand, China “is essentially buying everything that Russia can deliver through pipelines and through its Pacific ports,” CREA said. China has stepped up its crude buying from Russia since the war broke out between Russia and Ukraine. From 17% in March, the share went up to 18% in April and 21% in May and further to 25% in June.

However, despite cutback, Ukraine’s allies in the EU, NATO and G7 are continuously importing the majority, 60%, of Russia’s fossil fuel exports in June compared with 74% in March.

“Despite widespread public attention on imports by China and India, Ukraine’s allies in the EU, NATO and G7 continue to import the majority of Russia’s fossil fuels. The EU’s share of this fell to 51% in June, down from more than 60% still in April. The largest importers among EU & NATO members were Germany, the Netherlands, Turkey and Italy,” CREA said.
Source: Financial Express