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Russia becomes India’s second Biggest oil Exporter

Published on June 14, 2022
Current Context: As per a recent report Russia rose to become India's second-biggest supplier of oil in May, pushing Saudi Arabia into third place.
Russia becomes India’s second Biggest oil Exporter
  • During May Indian refiners received about 819,000 barrels per day (bpd) of Russian oil, the highest compared to about 277,00 in April.
  • It accounted for about 16.5% of India's overall oil imports in May, whereas in the case of the Middle East declined to about 59.5%.
  • Western sanctions against Russia for its invasion of Ukraine provided Russian crude to record discounts against other grades.
  • This provided Indian refiners, an opportunity to purchase crude oil at low prices.
  • Apart from that India's oil imports in May were about 5.6% up from the previous month and about 19% from last year.
  • Higher oil imports from Russia curbed OPEC's share in India's overall imports to 65% in April.

Question:

Q.1 Which of the following countries' gas become the second-biggest oil exporter to India recently?
a. USA
b. Iraq
c. Venezuela
d. Russia
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