Iraq remains the biggest source of fuel for the country
Russia became India’s second biggest crude oil supplier in May, as New Delhi has been stocking up on the discounted Russian commodity, Reuters reported on Monday, citing trade sources.
According to the report, Indian refiners received around 819,000 barrels per day of Russian oil last month, compared to some 277,000 in April.
Iraq has retained its position as India’s largest oil supplier, while Saudi Arabia, which was previously India’s second biggest exporter, has slid to third place.
Overall, India’s oil imports in May amounted to 4.98 million barrels per day, up 5.6% from the previous month and around 19% year-on-year, as domestic refiners were forced to boost production amid growing demand.
Many oil buyers started to snub Russian oil as Western sanctions hit the country in response to Russia’s military operation in Ukraine, which was launched in late February. The UK and…