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

NEW DELHI: Russia has overtaken Saudi Arabia to develop into India’s second-biggest provider of oil behind Iraq as refiners snap up Russian crude obtainable at a deep low cost following the battle in Ukraine, business knowledge confirmed.
Indian refiners purchased about 25 million barrels of Russian oil in Might or over 16 per cent of all their oil imports.
Russian-origin crude hit 5 per cent of India’s complete seaborne imports in April for the primary time, rising from underneath 1 per cent all through 2021 and Q1 2022, the info confirmed.
India, the world’s third-biggest oil-importing and consuming nation, has lengthy defended purchases of crude oil from Russia following President Vladimir Putin ordering the invasion of Ukraine.
The oil ministry had final month said that “power purchases from Russia stay minuscule compared to India’s complete consumption.”
Iraq remained the highest provider to India in Might and Saudi Arabia is now the third largest provider.
India has taken benefit of discounted costs to ramp up oil imports from Russia at a time when international power costs have been rising.
After the US and China, India is the world’s third-largest shopper of oil, over 85 per cent of which is imported.
Following its invasion of Ukraine, there are actually fewer consumers for Russia’s Ural crude oil, with some international governments and corporations deciding to shun Russian power exports, and its worth has fallen.
Indian refiners have taken benefit of this and purchased Russian crude oil at low cost as excessive as $30 per barrel.
Earlier, the crude was disadvantageous due to excessive freight value.