Russia Emerges as India’s Dominant Oil Supplier, Surpassing Traditional Middle Eastern Sources
In a significant shift within India’s crude oil market, Russia has surpassed Saudi Arabia, Iraq, the UAE, and the US to become India’s top oil supplier. The import of Russian oil has reached unprecedented levels, reaching nearly 2 million barrels per day in May alone, accounting for approximately 42% of India’s total oil imports that month. This surge in Russia’s dominance has come at the expense of traditional Middle Eastern suppliers, with shipments from Saudi Arabia hitting their lowest level since February 2021.
Shares march higher after Fed and BoE hikes; dollar regains traction
Global equity markets were still on the front foot on Thursday on relief that the biggest hike in U.S. interest rates in more than two decades hadn’t been even sharper.
