NEW DELHI, July 11. /TASS/. Indian refining companies managed to save at least $10.5 bln over the last two years by increasing Russian oil purchases, The Indian Express newspaper said, citing official data of the country from April 2022 to May 2024.

The turbid growth of oil trading led Russia to the group of leading trade partners of India, the news outlet said. When Western buyers lowered Russian oil imports after February 2022, Moscow started offering discounts for its oil. "Indian refiners have been lapping up these discounted barrels, so much so that Russia, which used to be a marginal player in India’s oil trade, is now New Delhi’s biggest oil supplier," The Indian Express said.

Oil has not been traditionally a pillar of Russian-Indian relations but this commodity is now at the forefront in trade relations between Moscow and New Delhi, the news outlet stressed. "During his visit to Moscow earlier this week, [Indian] Prime Minister Narendra Modi acknowledged that Russia’s support helped India provide fuel to its vast population even as many countries faced an energy crisis. Modi also said that the world should accept that the India-Russia oil trade brought stability to global energy markets," the newspaper added.

India has become the top market for Russia in terms of oil supplies, Russian Deputy Prime Minister Alexander Novak said earlier. Russian oil supplies to India surged twofold in 2023 year on year and totaled about 90 mln metric tons, he added.