Russia became the top oil supplier to India during the fiscal year 2023/24 for a second year in a row, squeezing the market share of Middle Eastern and OPEC producers to historic lows, ship tracking data from industry sources showed.
New Delhi has been gorging on Russian oil sold at a discount after Western nations shunned purchases and imposed sanctions on Moscow over its invasion of Ukraine. As a result Russia is now the top supplier to the world’s third-largest oil importer.
India has continued to buy Russian oil despite problems posed by a raft of sanctions aimed at reducing Moscow’s oil revenue to fund the war.
