India imports $2.8 billion worth of crude oil from Russia in July

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India imports $2.8 billion worth of crude oil from Russia in July - Business Standard

Quick Summary:

India, the world's third largest oil consuming and importing nation, in July bought USD 2.8 billion worth of crude oil from Russia, second only to China which remains the largest importer of Russian oil, a report said.

Russia emerged as India's biggest supplier of crude oil, which is converted into fuels like petrol and diesel in refineries, after Russian oil was available on discount following some European nations shunning purchases from Moscow over its invasion of Ukraine in February 2022.

China bought 47 per cent of Russia's crude exports, followed by India (37 per cent), the EU (7 per cent), and Turkey (6 per cent), the Centre for Research on Energy and Clean Air (CREA) said in a report.