According to Reuters calculations, India has acquired more than twice as much crude oil from Russia in the two months since its invasion of Ukraine; more than it did in the entire year of 2021. As Indian refiners snatched up inexpensive oil that others had passed on.

According to Reuters calculations based on information from crude tenders and brokers; Indian refiners have made orders for at least 40 million barrels of Russian oil since the invasion on February 24. The purchases are for the June quarter’s loading.

According to Reuters calculations, overall Russian oil imports into India totaled 16 million barrels in the entire previous year.

The world’s third-largest oil importer and consumer imports nearly 85% of its 5 million barrels per day crude oil needs (bpd). According to corporate insiders, its refiners are obtaining cheaper Russian oil to help offset the impact of increased official selling prices from some exporters.

“We strive to insulate customers as much as possible from price shocks, but we also need to safeguard our profitS; therefore we’re purchasing Russian oil,” a refinery official, who did not want to be identified, said.

According to Reuters, private refiners Reliance Industries and Nayara Energy have purchased more Russian barrels than state refiners Indian Oil Corp, Hindustan Petroleum Corp, and Bharat Petroleum Corp.

Reliance has acquired at least 15 million barrels of Russian oil so far in the June quarter. At the time, Reliance did not reply to a request for comment.

Nayara Energy, which is part-owned by Russia’s leading producer Rosneft, has 8 million to 9 million barrels of Russian oil; for loading in April-May. Nayara did not reply to a request for comment from Reuters.