Russia overtakes Saudi Arabia to become India's 2nd biggest oil supplier behind Iraq as refiners snap up Russian crude available at a deep discount following the war in Ukraine. Industry data shows that Indian refiners bought about 25 million barrels of Russian oil in May, or more than 16 per cent of all their oil imports. Russian-origin crude hit 5 per cent of India’s total seaborne imports in April for the first time, rising from under 1% throughout 2021 and Q1 2022, the data showed. India, the world’s third-biggest oil-importing and consuming nation, has long defended purchases of crude oil from Russia as it is minuscule in comparison to India’s total consumption. Watch this report to know more.
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