November 1, 2023
1 min read

India Shifts Focus to Saudi Oil

India imported 1.55 million barrels per day (bpd) of crude oil from Russia in October down from 1.62 million bpd in September….reports Asian Lite News

India’s crude oil imports from Russia fell by more than 4 pe rcent in October compared to September, according to figures compiled by energy cargo tracker Vortexa.

India imported 1.55 million barrels per day (bpd) of crude oil from Russia in October down from 1.62 million bpd in September.

However, Russia continues to be the largest oil supplier to India, accounting for more than one-third of the country’s total crude imports.

The fall in imports during October is attributed to the lower discounts being offered by Russia which has tended to raise the price above the West-imposed cap of $60 a barrel for Russian oil and as a result of which buyers face difficulties in making payments, according to market analysts.

However, while reducing imports from Russia, India has increased crude purchases from Saudi Arabia in October to 924,000 barrels a day from 523,000 bpd in the previous month, Vortexa data show.

India’s imports of crude oil from Russia steadily increased after the Ukraine war and the country has surpassed Saudi Arabia and Iraq, the earlier top two suppliers to India.

India’s total imports of crude oil which also comes from the US and Africa touched 4.56 million bpd in October. 

ALSO READ: UAE, Saudi Demand Israel to Stop Ground Ops

Previous Story

Hauntingly Delicious Halloween Recipes to Try

Next Story

UAE Vice President Honours Arab Readings Champions

Latest from -Top News

Trump tariffs send world markets into panic

US benchmark crude oil shed $2.70 to $64.25 a barrel after major oil producers announced they plan to increase production. Brent crude, the international standard, was down $2.63 at $67.51 a barrel

EU prepares retaliation for Trump’s tariffs

The European Commission is assembling a fresh round of counter-tariffs aimed at US goods, adding to two existing lists of potential targets—one of which includes products that were hit by suspended tariffs

US, EU slam China’s war games near Taiwan

US President Donald Trump underscored the need to maintain peace in the Taiwan Strait, advocating for a diplomatic approach to cross-strait tensions while warning against the use of force The United States

£13.9 billion of R&D fund to boost innovation, jobs

Funding outlined to support transformational R&D in areas like life sciences, green energy, engineering and beyond More UK innovators like those developing treatment-transforming dementia tests or building world-leading testing facilities to power
Go toTop

Don't Miss

India, EU hold talks on security, defence

Both sides agreed on the need to explore new areas

India’s Interim Budget Targets Infrastructure and Social Sectors

There will also be increased outlays in the budget on