Russia India Oil Trade 2022: Russia is now India’s second largest oil exporter.
Saudi Arabia is now third highest oil exporter of India. Trade data shows India moving towards Russia when they need Oil after IRAQ. Now dependency on Saudi Arabia is becoming lesser as Russia provides Oil at fair rates to India. So with new data, Russia has become India’s second largest oil exporter.
Russia has been a steadfast supporter of India for decades. Whenever India looked around for genuine friends worldwide, Russia always stood up for India in every department. New trade data shows India Russia relationship becoming stronger as Russia becomes India’s second-largest oil exporter.
According to various data, In May 2022, Indian refiners obtained about 820,000 barrels per day (BPD) of Russian Oil. The tallest thus far in any month, compared to about 277,00 in April.
Western sanctions against Russia for its attack on Ukraine prompted many oil importers to shun dealing with Moscow, pushing spot prices for Russian crude to register discounts against other grades. That fed Indian refiners rarely used to buy Russian Oil due to increased shipping costs, a chance to snap up low-priced crude.
India has upheld its purchase of “cheap” Russian Oil saying imports from Moscow made only a pinch of the country’s overall requirements. A premature stop would drive up costs for its buyers.
Also read about The Samsung Galaxy z Flip 4 Double Battery; watch images
