Russia overtakes Saudi Arabia to become India’s 2nd biggest oil supplier  

Russia overtook Saudi Arabia and became India’s second biggest oil supplier in May, pushing Saudi Arabia into third place but still behind Iraq which remains No. 1.

India refiners received about 819,000 barrels of Russian oil per day, new data shows, which accounts for roughly 16% of its total imports. Iraq remains India’s premier oil supplier.

Rising from under 1 percent throughout 2021 and Q1 2022, Russian origin crude hit 5 per cent of India’s total seaborne imports in April for the very first time.

The world’s third biggest oil importing and consuming nation is India and has long defended purchases of crude oil from Russia following President Vladimir Putin ordering the invasion of Ukraine.

Last month the oil Ministry stated that, “energy purchases from Russia remain minuscule in comparison to India’s total consumption.”

However India can’t be able to beat Iraq and they remained the top supplier to India in May and Saudi Arabia is now the third biggest supplier.

India has taken advantage of discounted prices to ramp up oil imports from Russia at a time when global energy prices have been rising.

Followed by the US and China, India is the world’s third-largest consumer of oil, over 85 percent of which is imported.

Due to invasion of Ukraine, there are only fewer buyers for Russia’s Ural crude oil, in which some foreign governments and companies deciding to shun Russian energy exports, and its price has fallen

India refiners have used its brain and taken advantage of this however they bought Russian crude oil at discount as high as $30 per barrel. Earlier, crude was disadvantageous because of high freight cost.