Russia sidelined Saudi Arabia & Iraq..!? India's smart decision..!

Sowmiya Sriram
Russia sidelined saudi arabia & Iraq..!? India's smart decision..!

Russia has overtaken saudi arabia and iraq as the largest supplier of crude oil to India. For the first time, russia has topped India's crude oil supplier list, according to data released by energy commodity tracker Vortexa. russia supplied india with 946,000 barrels of crude oil per day in October. This is an all-time high every month. It accounted for 22% of India's total crude oil imports in October. Iraq's share, which has always been number one, fell to 20.5 percent, and Saudi Arabia's share to 16 percent during this period. Compared to september, India's total crude imports increased by 5 percent in October. During the same period, Russia's import volume increased by 8 percent in October.
Vortexa, an energy intelligence company with offices in singapore and London, tracks oil and gas tankers worldwide, providing data on cargo and freight traffic. But the data on this has not yet been published by either russia or India. For the first time, india has imported more Russian crude oil by sea than european regions. The volume of Russian crude oil is 34% higher than that of the EU region.
In October, 10 lakh barrels of crude oil were imported per day. Yet china continues to hold its position as the largest buyer of Russian crude oil. India's oil import trade with russia reached a new high in October. While India's crude oil imports were less than 1 percent of the total in 2021, after the war with ukraine and the sanctions imposed on russia by the world, the import volume has increased significantly, pushing iraq and saudi arabia behind.
The share of Eurasia, including russia, Kazakhstan, and Azerbaijan, increased to 21% this year from 5% in the April-September period last year, oil ministry data said. It almost halved the combined share of North America, South America, and Africa to 18% compared to the year-on-year measurement. is becoming But the share of the countries of the Middle east continues to be high at 59%.
The OPEC+ group of crude oil producers announced in september that they would cut production. After 2020, OPEC+ decided to cut crude oil production by 2 million barrels per day to raise crude oil prices and see additional income.
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