India and Russia have a long history of trade relations. One such significant partnership exists between Russia and India in the realm of oil trade. As two major players in the energy market, both nations have maintained a robust oil trade relationship for years. In this blog, we delve into the extensive global trade report for the fiscal year 2022-23, focusing on the oil export-import dynamics between Russia and India.
Russia is trading oil with India for a number of reasons, including:
Discounted prices: Russia is offering discounted prices for its oil to India as it is facing sanctions. This makes Russian oil more attractive to Indian refiners, who are looking to save money.
Diversification: India is looking to diversify its energy imports, and Russia is a major oil producer. This means that India can reduce its reliance on oil from the Middle East, which has been volatile in recent years.
Geopolitical considerations: India has a long-standing relationship with Russia, and the two countries have close military ties. Selling oil to India is a way for Russia to maintain its regional influence.
In recent years, the trade relationship between Russia and India has grown significantly, particularly in crude oil.
In 2022, India imported about 80% of its crude oil, and Russia was one of its largest suppliers. Before the war started in Ukraine, India imported only about 2% of its crude oil from Russia, as per Russia Import Data. India has increased its imports of Russian crude oil significantly. In May 2023, Russia accounted for about 42% of India's crude oil imports, based on India's import data.
The future of India's trade relations with Russia for crude oil is uncertain. The war in Ukraine is ongoing, and the sanctions against Russia will likely to remain in place for some time. This could make it more difficult and expensive for India to import Russian crude oil. However, India is expected to continue to import Russian crude oil, at least in the short term, due to the factors mentioned above.
India's oil imports from Russia have increased significantly since the start of the Russia-Ukraine war in February 2022. Based on India Import Data, India imported 1.96 million barrels of oil per day from Russia in May 2023, which is more than double the amount it imported in April 2022. This makes Russia the largest oil supplier supplier to India, surpassing the Middle East.
In June 2023, India's oil imports from Russia reached a record high of 2.2 million barrels per day. Overall, India's imports of Russian oil have increased by 10-fold since the start of the war. This is due to a number of factors, including the discounted prices that Russia is offering for its oil as well as India's desire to diversify its energy imports.
Also Read: Who imports the most crude oil to India?
Based on Export import data India, the total value of India's oil imports in 2022-23 valued at $126.9 billion, and the total value of India's oil exports in 2022-23 valued at $19.2 billion. According to data on crude oil imports, India's oil imports grew to 227.3 million metric tons (MT) in FY 2022-23.
Saudi Arabia, Iraq, the United Arab Emirates, Nigeria, and the United States were India's top five crude oil suppliers. According to India Import Data, on crude oil imports, India's import bill for that commodity increased from $121 billion to $158 billion in FY 2022-23.
The oil import and export data for 2022-2023 shows that Russia is facing a major challenge in its oil trade. In 2022-2023, as per Russia Export Data. Russia imported a total of 24.7 million metric tons (MT) of oil, as per Russia Import Data.
The following are some of the key trends in Russia's oil import and export data for 2022-23:
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The war in Ukraine has significantly impacted Russia's exports. The United States and its allies have imposed sanctions on Russia, which have made it more difficult for Russia to export its goods. As a result, Russia's exports are expected to decline in 2023. Here are the top 3 major exports from Russia:
Crude oil: Russia is the world's largest exporter of crude oil, accounting for about 12% of global exports. In 2022, Russia exported crude oil worth approximately $113 billion, as per crude export data.
Refined petroleum: Russia is also a major exporter of refined petroleum products, such as gasoline and diesel fuel. In 2022, Russia exported refined petroleum worth approximately $81.8 billion, as per petroleum export data.
Natural gas: Russia is the world's second largest exporter of natural gas, after the United States. In 2022, Russia exported natural gas worth approximately $37.7 billion.
To find the most updated and authentic Russian oil import and export data, you can visit the Seair Exim Solutions platform to gain access to the real-time oil import and export database of Russia. We provide the most accurate and genuine Export and Data, India import data, HS Code, HS Classification, etc.
Seair Exim Solutions is a company that provides import and export data and offers reliable, current, and authentic information about international trade for 100+ countries. Along with other items, we also provide US import Data and an updated US importer List.
In conclusion, the oil trade between Russia and India has grown significantly in recent years, particularly in the wake of the Russia-Ukraine war. India has increased its imports of Russian oil, while Russia has decreased its exports of oil to other countries due to sanctions. This has made India the largest buyer of Russian oil, and it is expected that this trend will continue in the near future. The future of the oil trade between Russia and India is uncertain, but it is clear that this relationship is important to both countries.
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