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India bought so much oil from Russia that it became a record, why does it happen every time in December and January?

Crude oil from Russia: India is making a new record in the matter of buying oil every day. Although there is a history behind it as well. Let us know why the import of oil always increases so much in December and January.

India Russia Business: India’s Russian oil imports climbed to a record 1.4 million barrels per day (bpd) in January, up 9.2% from December, Moscow still the top monthly oil seller in New Delhi, followed by Iraq and Saudi Arabia Is. Last month, Russian oil accounted for about 27% of the 5 million bpd of crude imported by India, the world’s third-largest oil importer and consumer. India’s oil imports typically rise in December and January, as state refiners avoid maintenance shutdowns in the first quarter to meet their annual production targets set by the government.

War changed the situation
Refiners in India that rarely buy Russian oil due to costly logistics have emerged as Russia’s major oil customer after it invaded Ukraine last February and shut down subsidized crude by Western nations. India’s imports of Russian Sokol crude last month hit an all-time high at 100,900 bpd, as production from the Sakhalin 1 field resumed under a new Russian operator, data showed. India’s oil imports from Canada rose to 314,000 bpd in January as Reliance Industries boosted long-distance crude purchases, data showed.

Record made in January
Canada emerged as India’s fifth largest supplier in January, after the United Arab Emirates, the data showed. India’s Iraqi oil imports reached a seven-month high of 983,000 bpd in January, up 11% from December. During April-January, the first ten months of this fiscal year, Iraq remained the largest oil supplier to India, while Russia became the second largest supplier replacing Saudi Arabia, which is now at the third position. The data showed that higher purchases of Russian oil pulled down Indian imports from the Middle East to a record low of 48%, the lowest decline among Organization of the Petroleum Exporting Countries (OPEC) member countries.

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