Saudi Arabia becomes India's second largest oil supplier

Saudi Arabia becomes India's second largest oil supplier

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

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Category : Business and economics Published on: September 20 2022

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Saudi Arabia emerged as the second-biggest oil supplier to India after a three-month gap, overtaking Russia by a thin margin, while Iraq retained the top spot in August, data from industry and trade sources showed.
India, the world's third biggest oil importer and consumer, shipped in 8,63,950 barrels per day (bpd) of crude from Saudi Arabia, up 4.8% from the previous month, while purchases from Russia fell 2.4% to 8,55,950 bpd, the data showed.
In August, the United Arab Emirates stayed at No. 4 while Kazakhstan replaced Kuwait to become fifth-largest oil supplier to India, followed by the United States.
India has become Russia's No. 2 oil buyer after China as others have cut purchases following Moscow's invasion of Ukraine in late February.

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