Russia has overtaken the United Arab Emirates as India’s third-largest oil supplier in the quarter ended June, Reuters reports.
In particular, Russian oil supplies now account for about 14.1% of India’s total imports of 4.8 million barrels of oil per day, according to trade sources.
It is worth noting that in the April-June period last year, which is the first quarter of India’s fiscal year, Russia’s share accounted for just 0.5% of the country’s total oil imports, according to the same data.
Elsewhere, Iraq continues to be the country’s leading supplier, followed by Saudi Arabia.
Indian refiners have been buying Russian oil sold at a discount after Western countries and companies halted purchases from Moscow over its invasion of Ukraine.
Source: Capital
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