India's crude oil imports from US dip by one million tonnes in June quarter

At the same time, share of Russian oil in India's crude basket rose from 2.2% in FY22 to 12.9% in the first quarter of FY22

India slashed its crude imports from the US by around one million metric tonnes (MT) in the June quarter of FY23 while it ramped up imports of the discounted crude oil from sanctions-hit Russia.

While the share of the US in India’s crude import basket was 9.2 per cent in FY22, in the first quarter of FY23 (Apr-June), its share declined to 5.4 per cent. During the corresponding period, the share of crude imports from Russia rose from 2.2 per cent to 12.9 per cent.  

During the Trump presidency, India started buying crude from the US to address Washington's complaint