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After the Ukraine war broke out, India filled its coffers with heavily discounted Russian oil. Indias share of oil imports from Russia increased from a puny 2% before the war to almost 40% in the next two years. But now China has surpassed India as the largest importer of Russian oil. How? We explain. ....
Russian Oil Imports: The Group of Seven large economies known as G7 and some other nations have imposed a ceiling of USD 60 per barrel for oil at Russian ports to cut Moscow s revenue seen as funding its war in Ukraine. ....
Russia India Oil: India s oil imports reached a 10-month high in October due to OPEC s share, as refiners bought more crude from Saudi Arabia and the UAE. However, Russia s share of the Indian market fell to the lowest in nine months. India, the world s third-biggest oil importer and consumer, typically relies on Middle Eastern producers, and has encouraged refiners to diversify to cheaper alternatives. ....
India s oil imports reached a 10-month high in October due to OPEC s share, as refiners bought more crude from Saudi Arabia and the UAE. However, Russia s share of the Indian market fell to the lowest in nine months. India, the world s third-biggest oil importer and consumer, typically relies on Middle Eastern producers, and has encouraged refiners to diversify to cheaper alternatives. ....
The share of Russian oil in India's overall imports rose to about two-fifths in the first half of fiscal 2023/24, consolidating Moscow's position as the top supplier as refiners curbed purchase from the Middle East, industry data showed. ....