• Пн. Бер 20th, 2023

Economic news / Економічні новини

News of economy, energy, trade, finance / Новини економіки, енергетики, торгівлі, фінансів

Russia becomes the second largest supplier of oil to India


Чер 14, 2022

Russia, ahead of Saudi Arabia, in May became the second largest supplier of oil to India after Iraq. It is reported by Reuters, citing sources.

According to the agency, Indian refineries received 819,000 barrels of Russian oil per day, which is almost three times higher than in April. Throughout May, Delhi imported 4.98 million barrels of oil per day.

Earlier it became known that Indian private oil refineries (refineries) – large buyers of cheap oil from Russia – began to supply products with the addition of Russian fuel to the world market, hiding their origin. Indian companies have begun to clandestinely cash in on raw materials from Russia, using them in refined petroleum products such as gasoline, diesel and chemicals.

After Western buyers abandoned oil from Russia, it began to trade much cheaper than its counterparts, and India seized the opportunity to profitably purchase large volumes of raw materials. According to Reuters, India has bought about 62.5 million barrels of Russian oil since the start of the special operation on February 24 – 3 times more than in the same period of 2021.