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.
Lost Russian oil revenue is bonanza for shippers, refiners
Western sanctions on Russia have significantly reduced state oil revenues and diverted tens of billions of dollars towards shipping and refining firms, some with Russian connections.
Europe rushes to fill up on Russian diesel before ban begins
European traders are rushing to fill tanks in the region with Russian diesel before an EU ban begins in February, as alternative sources remain limited.
Oil stays near multi-month lows on demand worries
Oil prices inched up from multi-month lows on Monday as lingering worries about demand weakening on the back of a darkened economic outlook outweighed some positive economic data from China and the United States.
