Explainer: Why Russia remains India’s top oil supplier for 2nd month in a row
NEW DELHI: India has become one of the main outlets for Russian seaborne crude oil ever since its invasion of Ukraine in February.
On Wednesday, a report by Reuters said that Russia has emerged as the top oil supplier for India for second month in a row. It has replaced Iraq to be India’s No. 1 supplier in November as refiners snapped up oil fearing a price cap could hit supplies and choke payment avenues.
Data cited by Reuters from trade sources showed that India’s oil imports from Russia rose for the 5th straight month, totaling 908,000 barrels per day (bpd) in November. This was 4% higher than oil import from Russia in October.
