Saudi Arabia becomes India’s second largest oil supplier, overtakes Russia

Saudi Arabia has emerged as the second-biggest oil supplier to India after a three-month gap, overtaking Russia, while Iraq retained the top spot in August.

India, the world's third-biggest oil importer and consumer, shipped in 863,950 barrels per day (bpd) of crude from Saudi Arabia, up 4.8 per cent from the previous month, while purchases from Russia fell 2.4 per cent to 855,950 bpd, the data showed.

India has become Russia's No. 2 oil buyer after China as others have cut purchases following Moscow's invasion of Ukraine in late February.

Both India and China are keen to secure raw materials at discounts compared with supplies from other countries, seen as cushioning the impact of western sanctions on Moscow.

India's monthly oil imports from Russia have been declining after hitting a record in June as Moscow has narrowed the discounts offered for its oil while refiners lifted more term supplies.

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