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Chart of the Day: India Crude Oil Imports in 2024 Reflects Weak Oil Demand
Summary
We have been covering India’s crude imports and how the originals changed for the last two years. However, Figure (1) is the first chart we use that shows imports by country of origin in terms of percentages. After the Russian invasion of Ukraine and the G7/EU sanctions that followed, India’s oil imports from Russia increased to represent 44% of total crude imports in May 2023. Imports have remained high after that despite demand seasonality and problems with Russian oil imports. In December, imports from Russia declined simply because Russian exports declined. Iraq and the US compensated for the decline in Russian imports.