S Arabia pips Russia, becomes India's No. 2 oil supplier

New Delhi, September 15

Saudi Arabia emerged as the second-biggest oil supplier to India after a three-month gap, overtaking Russia by a thin margin, while Iraq retained the top spot in August, data from industry and trade sources showed.

India shipped in 863,950 barrels per day (bpd) of crude from Saudi Arabia while purchases from Russia fell 2.4% to 855,950 bpd, the data showed.

Despite Saudi’s gain, the share of oil from Organisation of the Petroleum Exporting Countries (OPEC) in India fell to 59.8%, the lowest in at least 16 years as India cut African imports.

India’s monthly oil imports from Russia have been declining after hitting a record in June as Moscow has narrowed the discounts offered for its oil while refiners lifted more term supplies. — Reuters

Iraq retains top slot

• India shipped in 863,950 bpd of crude from S Arabia while purchases from Russia fell 2.4% to 855,950 bpd
• The share of oil from OPEC in India fell to 59.8%, the lowest in at least 16 years as India cut African imports
• India has become Russia’s No. 2 oil buyer after China as others have cut purchases following Moscow’s invasion of Ukraine