India to increase share of Russian oil imports to 30% by 2024 – Kommersant
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The share of Russian crude oil imports in India in 2023 increased 10 times, to 20%, compared to 2021-2022 data. By 2024, the figure will grow to 30%. This was stated by the Executive Director of Indian Oil Vinod Kumar at the St. Petersburg International Economic Forum (SPIEF).
“The share of Russian crude oil imports, which was less than 2% in 2021-2022, increased 10 times in 2023, to 20% in the basket of crude oil imports. I expect that in the period 2023-2024 it will be 30%,” said Mr. Kumar (quoted by RIA Novosti).
Vinod Kumar noted that India accounts for one third of global energy consumption. According to him, in the future, demand for oil, gas and gasoline is expected to triple, and imports of crude oil will also increase. Mr. Kumar added that Russia will play the main role in this.
In 2022, after Western sanctions, Russia redirected energy exports to Asian countries. The main buyers of Russian coal, oil and gas are China and India. Russian exports to India from April 2022 to January 2023 increased almost four times. Growth was primarily provided by the supply of oil, coal and fertilizers.
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