Industry Odisha Bureau, Jun 22: Despite the US-Iran deal already inked and the cloud of uncertainty still hovering over the reopening of Strait of Hormuz, media reports claim that India’s crude oil imports from Russia has gone up to an average of 2.66 million barrels per day (BPD) in the current month of June i.e. 40% more than the imports made last month (May).
Media reports also claimed that “Russia has now not only become India’s largest crude oil supplier at the crucial juncture, but also caters to the steady refinery demand, besides the Russian crude oil being currently sold at a discount of $4-5 per barrel in comparison to the global benchmark of Brent.”
Reportedly, “UAE is India’s second largest crude oil supplier in June by exporting about 636,000 BPD to India through ADNOC’s Habshan-Fujairah pipeline that bypasses the currently closed Strait of Hormuz.”
Notably, “Habshan–Fujairah oil pipeline, also known as ‘Abu Dhabi Crude Oil Pipeline (ADCOP)’, is an oil pipeline in the United Arab Emirates (UAE). It starts from the Habshan onshore field in Abu Dhabi and runs to Fujairah on the Gulf of Oman. The pipeline was ordered by the International Petroleum Investment Company as a strategic instrument in order to increase the security of supply, and reduce dependence on oil transportation through the Strait of Hormuz.”
Media reports also claimed that, “Saudi Arabia was the third-largest supplier with 384,000 BPD of crude oil supplies to India so far in June.”
Even though India reportedly imports “ 60-70% of its crude oil demand from the West Asia, Russia is deemed to be the top supplier since 2022 while the US regime under Donal Trump imposed sanctions on Russian oil imports after the Russia-Ukraine war broke out.
