Business and economics

Russia becomes India's second largest oil supplier

Published on 17 Jun 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.
Source: SarkariPariksha