Russia became India’s largest crude oil supplier
In October, Russia became the largest supplier of oil to India, overtaking the traditional leaders in this parameter: Saudi Arabia and Iraq. Russia delivered 946,000 barrels of oil to India daily, or 22 percent of all crude oil imports, RIA Novosti reports.
Meanwhile, according to analysts of the Vortexa industry analytical company, Iraq accounted for 20.5 percent of October deliveries, and Saudi Arabia for 16 percent.
It is noted that the total volume of crude oil imports by India increased in October by 5 percent (compared to September), and imports from Russia rose by 8 percent.
At the same time, analysts admit the possibility of a reduction in oil imports from Russia to India in December due to delivery restrictions that may arise due to the price ceiling proposed by the West for Russian raw materials.
In early October, the European Union introduced the eighth package of sanctions against Russia, which includes a legislative basis for setting a price ceiling for maritime shipments of Russian oil to third countries. It is planned to introduce a price limit for oil from December 5th, 2022, and for oil products on February 5th, 2023. The introduction of a ceiling on gas prices is still being discussed, and no agreement has yet been reached on this issue.
