- 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
