Russia overtakes Saudi Arabia to become India's second largest oil supplier
Tags: Economics/Business International News
Russia has overtaken Saudi Arabia to become India's second largest oil supplier after Iraq.
Indian refiners bought about 25 million barrels of Russian oil in May, which is more than 16% of all Russian oil imports.
India is the world's third largest oil importer and consumer.
Iraq remained India's top oil supplier in May and Saudi Arabia is now the third largest supplier.
India has taken advantage of concessional prices to increase oil imports from Russia at a time when global energy prices are rising.
After the US and China, India is the world's third largest oil consumer, importing more than 85% of its oil.
Largest Oil Producer countries in the world
United States
Russia
Saudi Arabia
Canada
Iraq
China
United Arab Emirates
Brazil
Kuwait
Iran
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