Russia overtook Iraq to become India's largest oil supplier for the first time

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- India's oil imports from Russia rose for the fifth consecutive month to 9,08,000 barrels per day

New delhi date. 15 December 2022, Thursday

Russia has now become the largest oil supplier to India, overtaking Iraq. India's oil imports from Russia rose for the fifth straight month in November to 9,08,000 barrels per day, data showed. Which is 4 percent more than October.

The Group of Seven countries, Australia and the 27 countries of the European Union have imposed a $60 per barrel cap on Russian offshore oil since December 5. Because the West is trying to limit Russia's ability to finance the war in Ukraine. Last month, India's oil imports from Iraq fell to the lowest level since September, 2020. Imports from Saudi Arabia fell to a 14-month low. Russian oil accounted for about 23% of India's total oil imports of 4 million bpd in November.

Saudi Arabia and Russia overtook the UAE

Data shows that India's imports from the Middle East have fallen due to higher purchases of Russian oil. Member countries of the Organization of the Petroleum Exporting Countries recorded the lowest decline in November. Iraq has been the largest oil supplier to India in the first eight months of this fiscal year. It is followed by Saudi Arabia and Russia. These two have pushed the United Arab Emirates to fourth place.

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