Russia is now India's second largest Oil supplier

 Russia is now India's second largest Oil supplier

 
India is the second largest buyer of Crude Oil from Russia

Despite Riyadh regaining its lead in August, Russia continues to be the second-largest oil supplier to India after Saudi Arabia.

On the other hand, India has emerged as the second-largest Russian crude oil buyer after China.  India is currently receiving crude oil from Russia at a price that is far lower than that of Saudi Arabia, in an effort to gain market share. Compared to less than 1% before the war, Russian oil now makes up 12% of the nation's total oil purchase.

According to sources, Russian imports increased by nearly eight times to $11.2 billion, as opposed to $1.3 billion in the same period previous year.  In June and July, these imports totalled about $7 billion. The price of oil fell during the pandemic in 2022. India has long defended its purchase of crude oil from Russia after President Vladimir Putin ordered the invasion of Ukraine. India is the third-largest oil consumer and importer in the world. Russian barrels were less expensive than Saudi oil from April through June 2022, with the price difference increasing to roughly $19 per barrel in May when Russian petroleum was supplied to India.

India's crude import bill increased to $47.5 billion in the second quarter, according to official figures, as a result of a rise in world prices and a comeback in fuel demand. While this was going on, Iraq continued to be India's top source of crude from the month of June. Numerous oil importers avoided doing business with Moscow as a result of Western sanctions against Moscow for its invasion of Ukraine, which caused spot prices for Russian crude to fall significantly relative to other grades. India has made an exception, nevertheless, due to its strategic reliance on Russia.

Since the start of the war, Russia has been in a precarious position as western nations have collectively increased sanctions against it, pushing its trade in crude oil into the shadows. Saudi Arabia became third-largest supplier after Iraq. Iraq remained the biggest oil supplier in the month of May.

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