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Prohibited ineffective! Russia overtakes Iraq-Saudi Arabia to become India’s top oil supplier



Strong points

India has become the first country to buy Russian oil.
India tops the list of Russian oil purchases in October.
In 2019, less than 1% of oil was purchased by India from Russia.

New Delhi. India has become the first country to buy Russian oil. According to the market report prepared on the basis of shipment data, India leads the purchases of Russian oil in October. Iraq and Saudi Arabia rank second and third respectively in terms of oil supply. In 2019, less than 1% of oil was bought by India from Russia, which has now reached 22%. In contrast, Iraq, which was the top supplier for years, reached 20% and Saudi Arabia 16%.

According to a TOI report, oil imports from Russia increased after Moscow invaded Ukraine on February 24. Due to Western sanctions, traders offered huge discounts on Russian barrels. Russian oil pushed the share of West Asian crude in India’s imports to a 19-month low in September. There is no doubt that total monthly imports have decreased due to the scheduled closure of refineries.

By contrast, Russian oil imports have come back after falling in July and August, with barrels still remaining at attractive discounts, albeit not the same. Moreover, Indian refineries were looking for good discounts after the European Union imposed sanctions on Russia from December 5. At the same time, since the sanctions, many countries in Europe, including America, have raised objections as to why India is buying oil from Russia at a discount.

Read: Putin’s ‘private army’ stationed in Ukraine does all the dirty work – All about the Wagner Group

Meanwhile, news emerged last month that three countries that helped Moscow maintain crude oil exports after Ukraine invaded had returned to the market for Russian barrels, with Turkey playing a leading role. , including India and China. . Now the new report has confirmed it. Bloomberg published a report on this last month. The report said Russian crude oil sales increased due to Turkey, China and India. These three countries are the destination of almost all tankers carrying Russian crude.

Tags: News from Russia, world news