It should be highlighted that India's imports of Russian oil reached a nine-month high in April. During this month, Indian refiners brought in 1.96 million barrels per day (bpd) of Russian crude oil, the greatest volume since July of the previous year.
In April, Russia supplied 40.3% of India's 4.86 million bpd crude oil imports
In a recent interview with Aaj Tak, Prime Minister Narendra Modi openly stated that India has been transparent about purchasing Russian oil at reduced prices, a stance he has openly communicated to other nations, including the United States.
"If I need oil from Russia for my country, I will take it and I don't hide it either. It is not done secretly. I tell America by telling them that my country needs petrol at cheap rates. So, I don't hide it and I follow the rules of my country in my time," PM Modi explained.
It's important to note that in April, India's Russian oil imports reached a nine-month high due to disruptions in Russia's refining capabilities caused by Ukrainian drone attacks. This led Russian producers to boost exports of their discounted crude, as evidenced by vessel tracking data and industry reports.
Data from Kpler, a commodity market analytics firm, shows that in April, Indian refineries imported 1.96 million barrels per day (bpd) of Russian crude oil, the highest level since July of the previous year, representing a 19% increase from March. In that month, Russia accounted for 40.3% of India's total crude oil imports of 4.86 million bpd, surpassing 40% for the first time in seven months. This marked a significant increase from the previous four months, where Russia's share fluctuated around 33%, peaking at nearly 46% in May 2023.
This increase occurred despite new sanctions imposed by the United States against Russia's oil shipping operations.
Earlier in the week, US Ambassador to India, Eric Garcetti, clarified that the US supports India’s decision to purchase Russian oil at discounted prices to help manage rising costs and limit financial revenues to Russia during its conflict with Ukraine.
Speaking in an interview, Ambassador Garcetti stated: “We recognised that oil was a necessity for all economies,” while responding to a question about the US’s stance on India continuing to buy Russian oil.
"No, I would very positively emphasise again that this is something not just the US but that the world community said amid this aggressive, unprovoked war against another nation violating international borders that we recognised that oil was a necessity for all economies and all people and it wasn't just India but that all countries should try to buy at a lesser price so that the Russian nation wouldn't be able to pour even more money into a war against the Ukrainian people,” Garcetti explained.
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