Russian oil exports to India plunge

Crude oil exports from Russia to India are at their lowest level since January 2023, amid tightening sanctions that are putting the squeeze on Russia’s ability to bank internationally


INDIA’S MAIN SOURCES OF OIL IMPORTS (million barrels per day)

India starts buying up heavily 3.5 discounted Russian crude after invasion of Ukraine

Feb 2022: Russia invades Ukraine

Dec 2022: G7 and EU introduce price cap on Russian oil exports, keeping them below $60 per barrel

Dec 2023: Imports down 32% on May 2023 peak

4.0 
3.0  
2.5	SAUDI ARABIA 0.8m	0.6m	0.7m
2.0 	IRAQ	     0.9m	0.8m	1.0m
1.5 	RUSSIA	     1.4m	2.2m	1.5m
1.0 
0.5
0
Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov
2022 			2023


Note: Figures are rounded

 
Source: Bloomberg, BBC  
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