So far in September, India's oil imports from Saudi Arabia have averaged at 4,99,688 bpd, the lowest since November of 2014, as per Kpler data. In August, India's Saudi Arabian oil imports stood at 8,28,486 bpd, while in September 2022, they were around 8,80,000 bpd. Between January 2022 and August 2023, the import volumes averaged at over 7,50,000 bpd. Currently, Saudi Arabia is the third-biggest supplier of crude oil to India, behind Russia, the top supplier, and Iraq. Traditionally, Riyadh used to be New Delhi's secondbiggest source of crude after Baghdad. But after the war in Ukraine broke out, Russia displaced Iraq and Saudi Arabia as India's largest oil supplier by offering deep discounts on its crude.
This story is from the September 23, 2023 edition of Financial Express Mumbai.
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This story is from the September 23, 2023 edition of Financial Express Mumbai.
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