Oil flows from Russia eat into Mideast, US share in India market
India’s insatiable appetite for discounted Russian oil is eroding the dominance of traditional suppliers from the Middle East to Africa and the US in one of the world’s most lucrative markets.
The share of the Eurasian region, which includes Russia, in India’s overall crude oil imports reached a record 18.8% during April-June from 3.4% in the preceding 12 months, according to the oil ministry’s Petroleum Planning & Analysis Cell. The other regular supplier from the region is Azerbaijan, which accounts for a small fraction.
