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HomeBusinessSaudi Arabia becomes India's second largest crude oil supplier country, see demand

Saudi Arabia becomes India’s second largest crude oil supplier country, see demand

India’s Second Biggest Oil Supplier: India is the world’s third largest oil importer and consumer. At the same time, he has been taking most of the oil he needs from abroad. Now Saudi Arabia has become the second largest oil supplier country of India, overtaking Russia. Russia had overtaken Saudi 3 months ago, but now it has come down by a small margin to reach the third place. Talking about the first place, India has bought the most oil from Iran in August.

Decreased demand in OPEC countries
India has bought 8,63,950 barrels per day (bpd) of oil from Saudi Arabia in August. This quantity is 4.8 percent more than in July. Every day 8,55,950 bpd of oil is imported from Russia, which is 2.4 percent less than in July. Despite more oil coming from Saudi, India’s oil exports from Organization of the Petroleum Exporting Countries (OPEC) countries have come down to 59.8 percent, which is the lowest in 16 years.

India’s number after China
Let us tell you that after China, India buys the most oil from Russia. In fact, after invading Ukraine, many Western countries imposed sanctions on Russia. In such a situation, Russia offered oil and other raw materials at low prices to run its economy. Since then, India had increased its import of oil from Russia and after reaching a record level in the month of June, it has come down.

Russia is now reducing the discount
According to a company monitoring the oil market, India cannot stop the supply of oil from Saudi Arabia under the agreement. At the same time, Russia is also reducing its discount in view of the increase in demand from Asia.

India’s low demand
In August 2022, India’s crude oil imports fell to a 5-month low and stood at 4.45 million bpd. The same has been 4.1 percent less than in July. The reason behind this is that repair work is going on in some refineries, due to which this decline has been seen. Imports from Africa and other countries have reduced due to the purchase of oil from Azerbaijan, Russia and Kazakhstan etc. India’s imports from African countries have come down by almost half to 4.2 percent.

Oil bought from these countries
Last month, India imported the most oil from Iran. Saudi Arabia has been ranked second, Russia third, United Arab Emirates fourth and Kazakhstan 5th. Kazakhstan has achieved this position by overtaking Kuwait. America is ranked sixth on this list. India has imported 7.57 lakh bpd of oil (16 percent of total imports) from Russia from April to August, the quantity of which was only 20,000 bpd in 1 year.

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