Hommam Al Nassim 
Russia has consolidated its position as India’s largest oil supplier for the 2023-2024 fiscal year, surpassing Middle Eastern producers and the Organization of the Petroleum Exporting Countries (OPEC).
The data shows that Russian oil accounted for nearly 35 percent of India’s total imports of 4.7 million barrels per day, up 22 percent from the previous year.
India’s oil imports from Middle Eastern countries have also witnessed a clear decline, falling from 55% to 46% of India’s total imports.
In contrast, their revenues from the member states of the “Commonwealth of Independent States” (CIS), which includes Kazakhstan and Azerbaijan as well as Russia, jumped from 26% to 39% during the same fiscal year.
This increase comes at a time when India is adopting a policy of buying oil at preferential prices from Russia, following Western sanctions on Russian oil as a result of the Ukrainian crisis.
India’s sharp drop in oil purchases from Saudi Arabia was due to state-owned Aramco raising official selling prices, while imports from Kuwait fell as a result of production shifting to local refineries.
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