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Russian state-owned oil firm Rosneft has signed a deal worth $13bn (£10bn) a year selling oil to Indian refiner Reliance in a blow to sanctions against Vladimir Putin’s government.. The 10-year ...
India became the largest importer of Russian crude after the European Union, previously the top buyer, imposed sanctions on Russian oil imports in response to the 2022 invasion of Ukraine.
In 2009, Russia produced 12% of the world's oil and had a similar share of global oil exports. [4] Russia produced an average of 10.83 million barrels (1,722,000 m 3) of oil per day in December 2015. [5] In June 2006, Russian crude oil and condensate production reached the post-Soviet maximum of 9.7 million barrels (1,540,000 m 3) per day.
The latest U.S. sanctions imposed on the Russian oil industry in January have made crude exports to key Asian customers in India and China more costly and complex.
During the Russian invasion of Ukraine, India imported a lot of discounted Russian oil, Russia rose to become India's second biggest supplier of oil in May, pushing Saudi Arabia into third place but still behind Iraq which remains No. 1, data from trade sources showed, [101] accounts for 18% of India's crude imports. [102]
The following is a list some of the exports of Russia. Data is for 2019, ... Exports. Export product Value ($) 1: Crude Petroleum: 121,443 2: Refined Petroleum: 66,887 3
Oil minister Hardeep Singh Puri said Russian oil accounted for about 0.2% of India's overall crude imports prior to the Ukraine war. Russian oil now accounts for over a third of Indian oil imports.
December saw Russia pumping an average of 10.9m b/d [117] with seaborne oil exports averaged 2.65m b/d a decrease of 14% on November and the lowest month in 2022, with 71% heading to Asia compared to 26% in 2021. [118] 60% of Russian oil transported in December was in tankers controlled by UAE, China, India and Russia, twice previous levels. [119]