India imports record amount of oil from Russia in May – media

Reuters reported the information.

According to trade sources and supply data, this increased Russia's share as the world's third largest importer and consumer of oil to almost 41% last month.

At the same time, after Saudi Arabia's Saudi Aramco raised its term oil prices for a second month in May, shipments from the country fell to a 10-month low.

Another factor behind India's growing imports of Russian oil is that similar grades from regions mainly in the Middle East are more expensive.

Thus, in May, India shipped about 5.1 million barrels per day of oil, which is about 5.6% more than in April. According to the outlet, Russian oil imports to India in May increased by 14.7% compared to April and by 5.9% compared to last year.

"Russian oil was available in plenty and at better discounts last month due to lower demand from China," said an official at an Indian refinery.

• Russian oil imports to India in April rose to the highest level in the last 9 months, as Russia uses tankers that are not under sanctions for deliveries.