Russia’s crude oil exports to India increased, leaving behind Iraq and Saudi Arabia to become the largest supplier

Russia is gaining huge access to India’s oil market.

Russia is gaining huge access to India’s oil market. It could also become Asia’s largest oil supplier, leaving behind Iraq and Saudi Arabia.

Russia (Russia) oil of india (Crude Oil) Gaining great reach in the market. leaving Iraq and Saudi Arabia behind Asia (Asia) It can also become the largest oil supplier of Russia no longer has its old European buyers. In such a situation, Russia is the third largest importer of oil in the world this month. (Import) between 1 million and 1.2 million barrels per day. This information has come from data from Bloomberg and two oil analytics companies.

Iraq’s growing concern

Because of this, they will be equal to or slightly more than Iraq and far ahead of Saudi Arabia in terms of oil imports to India. Iraq is keeping an eye on this. Iraq will then have to compete for its market share in Asia. He will have to offer oil at a lower price.

Refiners in India are getting attracted towards cheap Russian oil. With Russia and Ukraine, this situation has changed and Russian President Vladimir Putin is also eyeing it.

Oil exports to Asia have increased as some European companies have stopped buying. This has put the burden on Russia to find alternative markets. Tracking statistics vary from provider to provider, depending on various estimates and information about the cargo. But data from Kpler, Vortexa and Bloomberg shows Russia’s better position in terms of oil imports to India.

Which country supplied how much crude oil?

Kpler’s data shows that Russian oil coming into India has averaged 1.2 million barrels per day in June so far, which is a third of the total crude coming into the country. Iraq’s daily supply will be about 1.01 million barrels. Whereas Saudi Arabia’s import is 662,000 barrels daily.

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Let us tell you that the G-7, a group of seven economic powers, has decided to take a tough stand on Russia this week. A US official said on Monday that the G-7 countries are about to announce an agreement to push up the price cap on Russian oil to curb Moscow’s energy earnings. The move is part of a joint effort to support Ukraine, including raising tariffs on Russian goods and imposing new sanctions on hundreds of Russian officials and entities supporting the war.