Saudi beats Russia to become India’s No. 2 oil supplier; Iraq retains top spot

Saudi Arabia has overtaken Russia to become India’s second-biggest oil supplier in August after a three-month hiatus while Iraq continued to hold the top spot. Reuters quoting data said that India imported 863,950 barrels per day (bpd) from Saudi Arabia, up 4.8% from the previous month, while purchases from Russia declined to 855,950 bpd. India's monthly oil imports from Russia have been falling after reaching a record in June as Moscow reduced discounts granted on its oil. Watch this video for more details.