NEW DELHI (Reuters) – The share of Russian oil in India’s overall imports rose to about two-fifths in the first half of fiscal 2023/24, consolidating Moscow’s position as the top supplier as refiners curbed purchase from the Middle East, industry data showed.
India, the world’s third largest oil importer and consumer, has emerged as the top buyer of the discounted Russian seaborne oil after Western nations stopped buying from Moscow following its invasion of Ukraine.
Middle Eastern supplies are also likely to tighten further following Saudi Arabia’s decision to extend its voluntary output cuts through the end of this year, prompting India to consider other options.
