Money and Markets

Russia was India's 2nd-largest oil supplier in May, surpassing Saudi Arabia, new data shows

Business Insider US
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  • Russia was India's second largest oil supplier in May, Reuters first reported.
  • India imported about 819,000 barrels of Russian oil per day last month, data shows.
  • Russia accounted for roughly 16.5% of India's total imports in May.
  • For more stories, go to www.BusinessInsider.co.za.

Russia surpassed Saudi Arabia as India's second largest oil supplier in May, Reuters first reported.

India imported about 819,000 barrels of Russian oil per day, new data shows, which accounts for roughly 16.5% of its total imports. Iraq remains India's premier oil supplier while Saudia Arabia has been pushed to the third place spot.

India's increased appetite for Russian oil comes as sanctions take aim at the Kremlin's output in light of its ongoing war on Ukraine. The Biden administration announced sanctions following the February 24 invasion while the EU announced a partial embargo in May. 


Russia has sought alternative buyers in response to the penalties, diverting much of its oil to Asia. The Kremlin has feuded with several European countries including Poland and Bulgaria over its demands that payments be made in rubles. 

India typically doesn't rely on Russian crude due to high freight costs. The steep sanctions placed on Moscow have forced Russia to part with its oil at large discounts. India has staunchly defended the purchase of Russian oil, saying its imports from the Kremlin only account for a small fraction of its overall supply. 

India's overall imports rose 5.6% in May and climbed 19% from a year earlier, Reuters said. 

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