Skip to content
Edit post

Reuters: India saves $2.7 billion by buying discounted Russian oil

by Martin Fornusek November 9, 2023 11:11 AM 2 min read
The Russian company Tatneft at work in an oil field in Tatarstan on June 4, 2023. (Alexander Manzyuk / Anadolu Agency via Getty Images)
This audio is created with AI assistance

India saved approximately $2.7 billion in the first nine months of 2023 by importing discounted Russian oil, Reuters reported on Nov. 8, citing Indian government data.

The South Asian country replaced Europe as the main buyer of Russian seaborne crude, Reuters noted, as the West is seeking to wean itself off Russia's supplies following the full-scale invasion of Ukraine.

India imported almost 70 million metric tons of Russian oil from January to September, an equivalent to 1.85 million barrels per day, the country's Commerce Ministry data shows.

The comparably cheaper average price of Russian supplies for that period – $525.60 per metric ton, including shipping and insurance – allowed New Delhi to decrease imports from the Middle East.

For example, the price of Iraqi oil of comparable quality averaged at around $564.46 for the January-September period, Reuters noted. By replacing Iraq with Russia as the leading oil source, India saved around $2.7 billion for the first nine months of this year, the news agency's calculations show.

Following Western sanctions on Russian oil, Moscow has been shifting focus to other markets like India, offering its supplies at a reduced cost. However, October saw the level of Indian imports decrease somewhat, as the discount levels began to even with other suppliers.

Oil prices are expected to rise as Russia and Saudi Arabia, another major exporter, said they will restrict their crude output until the end of the year.

Venezuelan opposition leader: Ukraine will never convince Latin, African autocrats
Russia is infamous for its malign influence in Latin America – from pouring billions of dollars to help local dictators stay in power and spreading its propaganda to committing crimes against civilians through the hands of private military companies. It is also widely assumed that Russian propagand…
Support independent journalism in Ukraine. Join us in this fight.
Freedom can be costly. Both Ukraine and its journalists are paying a high price for their independence. Support independent journalism in its darkest hour. Support us for as little as $1, and it only takes a minute.
visa masterCard americanExpress

News Feed

Ukraine Daily
News from Ukraine in your inbox
Ukraine news
Please, enter correct email address
8:59 AM

US State Department condemns 'sham parliamentary elections' in Belarus.

Belarus opened polling stations for both the parliamentary and local elections on Feb. 25 amid condemnations from the Belarusian democratic opposition. The country is ruled by dictator Alexander Lukashenko, who uses rigged elections to solidify his regime rather than to provide a chance for actual democratic competition.
7:43 AM

ISW: Russian officials refrain from publicly discussing invasion anniversary.

Russian officials and state-controlled media largely refrained from publicly discussing the second anniversary of the full-scale invasion of Ukraine on Feb. 24 to avoid highlighting Russia's failure to achieve its stated military objectives, the Institute for the Study of War announced in their daily assessment on Feb. 25.
3:38 AM

Bloomberg: Biden to meet with House speaker.

U.S. President Joe Biden will meet with Congressional leadership, including House Speaker Mike Johnson, at the White House on Feb. 27 to discuss a funding bill for Ukraine’s security needs, Bloomberg reported on Feb. 25.
7:21 PM

Budanov: Russia's goals for 2024 same as previous two years.

Ukraine's military intelligence chief Kyrylo Budanov said that Russia’s goal is still to destroy Ukrainian statehood and reach the administrative border of Luhansk and Donetsk oblasts to “keep what they already have," but that they "have been unable to do (so) by military means."

Editors' Picks

Enter your email to subscribe
Please, enter correct email address
* indicates required
* indicates required
* indicates required
* indicates required
* indicates required


* indicates required
* indicates required


* indicates required
Successfuly subscribed
Thank you for signing up for this newsletter. We’ve sent you a confirmation email.