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Explore the latest trends and actionable insights on the Russia Crude Oil Refinery market to inform business strategy and pinpoint opportunities and risks

Saudi Arabia Overtakes Russia to Become India's Second Biggest Oil Supplier

Industry: Fossil Fuels
Current: Macro-economic

Saudi Arabia surpassed Russia to become India's second-largest oil supplier, while Iraq maintained the top spot in August
By getting raw materials at lower costs than supply from other countries, the two countries are thought to be lessening the effect of Western sanctions on Moscow
After reaching a record in June, India's monthly oil imports from Russia have been falling as Moscow has reduced the discounts granted for its oil and refiners have increased longer-term supply

Saudi Arabia Becomes India's Second Biggest Oil Supplier

After a three-month hiatus, Saudi Arabia surpassed Russia to become India's second-largest oil supplier, while Iraq maintained the top spot in August, according to statistics from industry and trade sources. India has replaced China as Russia's second-largest oil importer since Moscow's invasion of Ukraine in late February. By getting raw materials at lower costs than supply from other countries, the two countries are thought to be lessening the effect of Western sanctions on Moscow. Apparently, the imports of oil from Russia and Saudi Arabia to India have changed significantly in July 2022, according to GlobalData.

After reaching a record in June, India's monthly oil imports from Russia have been falling as Moscow has reduced the discounts granted for its oil and refiners have increased longer-term supply.

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