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Saudi Arabia Overtakes Russia To Be India’s Number Two Oil Supplier

Saudi Arabia has overtaken Russia to become the country’s second-largest oil importer. Russia overtook Saudi Arabia three months ago. However, during this period, India had also reduced its oil intake from the Organization of the Oil Producing Countries (OPEC) which fell 59.8 percent to a 16-year low. India is the third largest oil importing country in the world. It imports 863,950 barrels (BPD) of crude oil daily from Saudi Arabia.

This is 4.5 percent more than in July. At the same time, oil purchases from Russia fell 2.4 percent to 855,950 barrels per day. Iran currently ranks first in terms of oil supply to India. In August, the United Arab Emirates was ranked fourth in terms of oil supplies to India, while Kazakhstan overtook Kuwait to be at number five. After that is the place of America.

India is the largest buyer after China

In February, Western countries stopped buying oil from Russia after the war with Ukraine broke out. After this China and India started buying oil cheaply from Russia. After China in the first place, India is second in terms of buying oil from Russia. India’s monthly oil imports from Russia have declined since peaking in June. Russia’s share in oil supplies to India from April to August was 16 percent.

Oil imports were at a 5-month low in August

India’s crude oil imports in August stood at 44.5 lakh barrels per day due to the maintenance of some refineries. It has decreased by 4.1 percent as compared to July. The demand for diesel in India remained low during the monsoon, due to which India had to import less from West African countries.

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