-
India’s Russian oil buying scales new highs in May
India’s rising imports of Russian oil hit a record high of about 1.95 million barrels per day (bpd) in May denting purchases from Iraq and Saudi Arabia fell, tanker data from trade and industry sources showed. India, the world’s third biggest oil consumer and importer, buys more than 80% of its oil from overseas markets. Its refiners have been gorging on Russian oil since the West imposed sanctions over Moscow for its invasion of Ukraine. Russian oil accounted for about 40% of India’s crude imports in May, cutting imports from Iraq to a three-year low and from Saudi Arabia to their lowest since September 2021, ... (full story)