Home»Blog»Trending Now»#TrendingNow: India Becomes Russia’s 2nd Biggest Oil Buyer; Middle East Imports Lowest in 19 Months
#TrendingNow: India Becomes Russia’s 2nd Biggest Oil Buyer; Middle East Imports Lowest in 19 Months
28 October 2022
India’s oil imports from the Middle East fell to a 19-month low in September while Russian imports rebounded although refining outages hit overall crude imports, data from trade and shipping sources showed, Reuters reported Thursday.
Iraq remained the top supplier while Russia overtook Saudi Arabia as the second biggest after a gap of a month, the data showed, as per the report.
Total Oil Imports Fell to 14-month Low in September
India’s total oil imports in September fell to a 14-month low of 3.91 million barrels per day (bpd), down 5.6% from a year earlier, due to maintenance at refiners such as Reliance Industries and Indian Oil Corp, the data showed.
India’s imports from the Middle East fell to about 2.2 million bpd, down 16.2% from August, the data showed, while imports from Russia increased 4.6% to about 896,000 bpd after dipping in the previous two months, according to the Reuters report.
Imports for Saudi Arabia fell to a three-month low of about 758,000 bpd, down 12.3% from August, while imports from Iraq plunged to 948,400 bpd, their lowest level in a year, the data showed.
Imports from the United Arab Emirates declined to a 16-month low of about 262,000 bpd, according to the report
‘India has Emerged as Russia’s Second Biggest Oil Buyer After China’
Russia’s share of India’s oil imports surged to an all-time high of 23% from 19% the previous month while that of the Middle East declined to 56.4% from 59%, the data showed.
The Reuters report further stated: “India has emerged as Russia’s second biggest oil buyer after China, taking advantage of discounted prices as some Western entities shun purchases over Moscow’s invasion of Ukraine”.
“Higher intake of Caspian Sea oil has hit the share of other regions in India’s imports in April-September, the first half of the fiscal year, and also cut OPEC’s market share in the world’s third-biggest oil importer and consumer to its lowest ever,” the report stated, adding, “In the first half of this fiscal year, Indian refiners also reduced purchases of African oil, mostly bought from the spot market. However, supply from the Middle East rose from a low base last year when the second wave of the coronavirus cut fuel demand”.
Before you go…
Looking for instant 🚀 personal loans 24*7 anywhere, anytime? Get personal loans up to ₹20 lakh starting at 9.9% p.a. Install the Navi app now!!
Or, maybe you’re looking to buy that house you’ve been eyeing 🏠 and you need a loan of up to ₹5 crore. Install the Navi app now and get instant in-principle approval right away! Interest rates starting at 8.39% p.a.
How about an affordable health insurance policy👨⚕️ starting at a monthly premium of just ₹235? Install the Navi app now and get your policy in under 2 minutes.
Instead, want to put your savings into action and kick-start your investment journey 💸 But don’t have time to do research. Invest now with Navi Nifty 50 Index Fund, sit back, and earn from the top 50 companies.
Disclaimer: Mutual Fund investments are subject to market risks, read all scheme-related documents carefully.
This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
Vikram Kirloskar Origins – From Bicycle Repair Shop to Toyota
Facial Recognition-based Entry System in Airport Launched. Know More!
15 Best Christmas Gift Ideas Even Santa Wouldn’t Ignore
RBI Launches Digital Rupee – Is it Like Crypto?
The G.O.A.T. – Messi’s 7 Life-Changing Quotes You Can’t Ignore
Mercedes or SIPs – Indians Tweet Their First Choice
How to Open Demat Account: Fees, Eligibility, Documents
Udd Gaye Totey: 9 Funny Tweets that Got Indians ROFL
10 Best Places to Celebrate New Year 2023 in India
We are a diverse group of writers, editors and Subject Matter Experts striving to bring the most accurate, authentic and trustworthy finance and finance-related information to our readers. Our mission is to simplify jargon and industry lingo. We believe sharing knowledge through relatable content is a powerful medium to empower, guide and shape the mindset of a billion people of this country.
#TrendingNow: Investors Punish Zuckerberg over Costly Metaverse; Stock Down 20%
Investors rushed to dump Meta Platforms Inc's stock in after-hours trading, pushing it down 20% and...Read More »
#TrendingNow: Dove, TRESemme Dry Shampoos Recalled Over Cancer Risk
Unilever PLC has recalled aerosol dry shampoos, including brands such as Dove, Nexxus, TRESemme, Su...Read More »
#TrendingNow: India Sees Strong Gold, Jewellery Sales on Dhanteras
Dhanteras saw strong sales of gold, jewellery, and coins this year, The Economic Times quoted data ...Read More »
What is UPI Lite and How to Set it Up on the BHIM App?
Reserve Bank of India Governor Shaktikanta Das launched three key initiatives at the Global Fintech...Read More »
#TrendingNow: India Lost a Whopping $159 Billion Due to Extreme Heat in 2021, Says Report
India suffered an income loss of a whopping $159 billion or 5.4% of its gross domestic product (GDP...Read More »
#TrendingNow: Arunachal’s Hollongi Airport Almost Ready, IndiGo’s Direct Delhi Flight a Possibility
Arunachal Pradesh’s Hollongi Airport is almost ready for commercial flights with leading airline ...Read More »
#TrendingNow: SafeGold Launches Digital Gold Leasing Service; Check Details
Digital gold platform SafeGold has launched “Gains”, a service for customers to lease their dig...Read More »
#TrendingNow: Axis, HDFC Bank Hike FD Rates by Up to 75 bps; Check All Current Rates
Leading private banks Axis Bank and HDFC Bank have increased their FD (fixed deposit) interest rate...Read More »
#TrendingNow: Govt Okays ₹22,000 Crore Grant to Oil PSUs to Cover LPG Losses
The government will extend a one-time grant of Rs.22,000 to three state-run fuel retailers to cover...Read More »
#TrendingNow: Tata Tiago EV Gets 10,000+ Bookings Within a Day
Car manufacturer Tata Motors has claimed it has received over 10,000 bookings for the Tata Tiago EV...Read More »
#TrendingNow: Ola Electric to Launch a Below ₹80,000 E-Scooter This Diwali
Bengaluru-based electric vehicle manufacturer Ola Electric is planning to launch a cost-effective e...Read More »
What is ONDC? – Government’s Open Network for Digital Commerce Explained
In a bid to curb monopoly in the Indian e-commerce ecosystem, the Government of India has launched ...Read More »
Diwali 2022: Diwali Holidays – The Festival of Lights
The ‘Festival of Lights’ is one of the biggest and most anticipated festivals in India. This is...Read More »
Best Index Funds – Top 20 Index Funds in India
Index funds replicate the performance of a stock market index, such as the Sensex or Nifty 50 to ge...Read More »