NEW DELHI, March 31. /TASS/. Indian oil imports reached a record 5.27 million barrels per day in March, with about 36% coming from Russia, the Business Standard publication reported citing the analytical company Kpler.
In February, India imported 4.78 million barrels of oil per day, and in March of 2024 it imported 4.95 million barrels.
According to the publication, oil imports to India reached a record high this month, as prices fell by about 6%, and supplies of Russian oil recovered after a decline in February. In total, India imported 1.87 million barrels of Russian oil per day in March, which is 27% more than the month before.
Indian refineries' crude imports are expected to rise sharply in April as refiners ramp up refining capacity. Local officials expect supplies from Russia to remain stable, according to the newspaper.
India is the world's third-largest oil consumer, with a high import dependence of more than 85%. Indian refineries buy crude from more than three dozen countries.
Russia accounted for about 36% of India's imports in March, up from 30% in February, while Iraq accounted for 16% of supplies, down from 22% in February, according to Kpler. India also imported more than 300,000 barrels of U.S. crude a day, double the amount in February and accounting for more than 5% of the country's total imports.