Saudi Arabia Overtakes Russia, Becomes India's Second Largest Oil Supplier

Saudi Arabia has overtaken Russia in terms of oil imports to India. And has come to the second number. Russia overtook Saudi Arabia three months ago. Whereas during this period, India had also reduced oil from the Organization of Oil Producing Countries (OPEC) and it had come down by 59.8 percent to a 16-year low. India is the third largest oil importing country in the world.

It imports 863,950 barrels (bpd) of crude oil every day from Saudi Arabia. This is 4.5 percent more than in July. Whereas oil purchases from Russia fell 2.4 percent to 855,950 barrels per day. Iran currently ranks first in terms of oil supply to India. In August, the United Arab Emirates was ranked fourth in terms of oil supplies to India, while Kazakhstan overtook Kuwait to be at number five.

America is followed by that. In February, Western countries stopped buying oil from Russia after the war with Ukraine broke out. After this China and India started buying oil cheaply from Russia. After China in the first place, India is second in terms of buying oil from Russia. India's monthly oil imports from Russia have declined since peaking in June. Russia's share in oil supplies to India during April to August was 16 percent.