Russian Oil
Russia replaces Iraq as the largest oil supplier to India in Nov: Report
New Delhi: Russia for the first time in November replaced Iraq as the top exporter of crude oil to India, media reports said.
India's oil shipments from Russia rose for the fifth straight month, totalling 908,000 barrels per day (bpd) in November, up 4 percent from October, Reuters reported citing data sourced from trade sources.
The G7 countries (Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States), Australia, and the 27 European Union countries have imposed a price cap of $60 a barrel on Russian oil shipped through the sea route from Dec 5.
As per the plan, the G7 countries would not provide insurance, finance, brokering, navigation, and other services to oil cargoes priced above the price cap on crude and oil products.
In November, India's oil imports from Iraq shrank to the lowest since September 2020, while that from Saudi Arabia slid to a 14-month low, the data showed, the report said.
Indian importers resumed shopping for Russian oil after being hesitant initially as sanctions allow direct payment for Russian oil, the report said.
The Reuters report said imports from the Middle East and member nations of Organization of Petroleum Exporting Countries (OPEC) declined to the lowest ever in November.
However, Iraq remained the top oil exporter to India in the first eight months of this fiscal year followed by Saudi Arabia and Russia, which pushed the UAE down to the fourth position.
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