Russia overtakes Saudi Arabia to become India’s 2nd biggest oil supplier
Highlights:
- Russia has overtaken Saudi Arabia to become India’s second-biggest supplier of oil behind Iraq as refiners snap up Russian crude available at a deep discount following the war in Ukraine.
- Indian refiners bought about 25 million barrels of Russian oil in May, or more than 16% of all their oil imports.
- Russian-origin crude hit 5 per cent of India’s total seaborne imports in April for the first time, rising from under 1% throughout 2021 and Q1 2022.
- After the U.S. and China, India is the world’s third-largest consumer of oil, over 85 per cent of which is imported.
- Iraq remained the top supplier to India in May and Saudi Arabia is now the third biggest supplier.
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