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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