Russia becomes the second-largest oil supplier to India, leaving Saudi Arabia behind

Posted on 14th Jun 2022 by rohit kumar

Russia has overtaken Saudi Arabia in terms of oil exports to India. Now Russia has become the second-largest oil supplier to India. Iran remains the largest country in the supply of oil to India. According to industry data, Russia supplied about 25 million barrels of oil per day to India in May. This is about 16 percent of India's total requirement. India is the third-largest importer of oil in the world. According to the data, Saudi Arabia has now come third in terms of supplying oil to India.

 

According to the data, Indian refineries received 8.19 lakh barrels of oil per day from Russia in May. This is the biggest figure for getting oil in any one month. According to the data, Indian companies got 2.77 lakh barrels of oil daily in April. Due to the war with Ukraine, Western countries imposed several trade sanctions on Russia. Because of this many countries did not buy oil from Russia. Indian companies benefited from this and they imported record oil at cheaper rates in May. In general, Indian companies buy less oil from Russia due to higher transportation costs.

 

Due to the war with Ukraine, Western countries imposed several trade sanctions on Russia. Because of this many countries did not buy oil from Russia. Indian companies benefited from this and they imported record oil at cheaper rates in May. In general, Indian companies buy less oil from Russia due to higher transportation costs.

 

At the same time, according to the Center for Research on Energy and Clean Air, China has now become Russia's largest energy buyer, overtaking Germany. According to the center, since February 24, China has bought 93 billion euros (about $ 97 billion) of oil, natural gas, and coal from Russia.

 

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