Refiners bought just 4% of all Russian crude exports in June, down from 7% in May- Report

Refiners bought just 4% of all Russian crude exports in June, down from 7% in May: Report

Indian refiners bought just 4% of all Russian crude exports in June, down from 7% in May, but imports from the country were still higher than the pre-invasion level, according to the Helsinki-based independent research organisation Centre for Research on Energy and Clean Air (CREA). Russia invaded Ukraine on February 24.

CREA’s data, derived from tracking ship movements and pipeline flows from Russia, buttress the Indian government’s May 4 statement that, “Despite attempts to portray it otherwise, energy purchases from Russia remain miniscule in comparison to India’s total consumption.” India imports 85% of its crude to meet domestic demand.

CREA said, “China’s imports have continued to increase, but India’s import volumes in fact fell from May to June, while remaining far above pre-invasion levels.” Russia’s overall crude export too fell in June mainly due to weak demand globally.

According to CREA, India’s crude import from Russia was negligible in February. In March, India’s share in total exports from Russia was just 1% which went up to 2% in April and further to 7% in May.

On the other hand, China “is essentially buying everything that Russia can deliver through pipelines and through its Pacific ports,” CREA said. China has stepped up its crude buying from Russia since the war broke out between Russia and Ukraine. From 17% in March, the share went up to 18% in April and 21% in May and further to 25% in June.

However, despite cutback, Ukraine’s allies in the EU, NATO and G7 are continuously importing the majority, 60%, of Russia’s fossil fuel exports in June compared with 74% in March.

“Despite widespread public attention on imports by China and India, Ukraine’s allies in the EU, NATO and G7 continue to import the majority of Russia’s fossil fuels. The EU’s share of this fell to 51% in June, down from more than 60% still in April. The largest importers among EU & NATO members were Germany, the Netherlands, Turkey and Italy,” CREA said.