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Russia May Supply 30% of India's ONGC Crude 2023

OIL

Imports of Russian oil may account for 30% of ONGC’s total crude volumes this year according to an executive from the company.

  • "(The) share of Russian crude oil imports, which was less than 2% in '21/22 has increased 10 times, to around 20% in India’s buy of crude oil imports," Vinod Kumar told a panel at the St Petersburg International Economic Forum.
  • "In Indian Oil's case the jump in Russian imports is more profound: from 0.1% in 21/22 to 21.5% in 22/23. And I'm expecting that for the current year, that is 23/24, the numbers will be available (at) 30%." he added.
  • Arrivals of Russian shipments in India are assessed to have reached a record high of 8.6 million tonnes (62.8 million barrels) in May according to Vortexa.
Energy BulletsCommodities
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