Russia becomes India's second largest oil supplier

Daily Current Affairs / Russia becomes India's second largest oil supplier

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Category : Business and economics Published on: June 17 2022

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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, industry data showed.
Indian refiners bought about 25 million barrels of Russian oil in May, or more than 16 per cent of all their oil imports.
Iraq remained the top supplier to India in May and Saudi Arabia is now the third biggest supplier.
After the U.S. and China, India is the world’s third-largest consumer of oil, over 85 per cent of which is imported.

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Russia becomes India's second largest oil supplier