Even as Chinese demand rebounds, Russia has reasons to defend its market share in India.
- Mar 01, 2023, 7:59 AM CST
While India and China are not part of the price cap coalition, they have been able to drive the price of Russian oil down due to a lack of other buyers. China's reopening is set to lead to a jump in oil demand in the world's top crude oil importer, where Russia has always competed with its OPEC+ ally Saudi Arabia. But Moscow isn't giving up the Indian market, either, where it has turned from a negligible supplier a year ago to the single biggest oil supplier now.
India imported a record 1.4 million barrels per day of crude from Russia in January, up 9.2% compared to December, per data from trade sources reported by. Russia remained the top supplier of the world's third-largest importer, followed by Iraq and Saudi Arabia, and Russian imports accounted for 27% of all 5 million bpd in Indian crude oil imports.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Liverpool star Van Dijk responds to scathing attack from Gullit over his 'clumsy' defending - Football365'I set high standards. People try to hold me to that so that’s what I try to do.'
Read more »
Hornets had worked on defending set piecesWatford had worked specifically on defending the aerial threat Sheffield United pose in the days leading up to Saturday's game.
Read more »
India’s G20 presidency will be a win for Narendra ModiThe government wants to use the G20 as a stage for Narendra Modi to show off the strides India has made to visiting bigwigs and, with a general election due next year, also to Indian voters
Read more »
Summer: India sees hottest February ever with more pain aheadIndia's weather department expects maximum temperatures to be above normal in many areas from March to May.
Read more »
Apple India Lightning cable factory goes up in flamesApple's outsourced Lightning cable plant in India goes up in flames
Read more »