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Russia continues as India’s top oil supplier, toppling Iraq, Saudi Arabia

London: Russia shipped 909,400 barrels per day (bpd) of crude oil to India in November, overtaking the Middle East countries of Saudi Arabia and Iraq for the second consecutive month, data compiled by London-based energy. Russian oil constitutes 21 percent of the total imports of 4.29 million bpd by Indian refiners, compared to 20 percent for Iraq and 13 percent for Saudi Arabia. In October, Russia supplied over 902,740 bpd of oil to India.
Moscow has assured the Indian government of continuous oil supply at a discounted price, even as the G7 cap came into effect, local Indian media, citing unnamed government officials, reported on Tuesday.
Indian Foreign Minister S. Jaishankar on Monday steadfastly defended Russian oil purchases amid the Ukraine conflict, saying New Delhi’s procurement was just one-sixth of the European Union’s (EU) purchase in the last nine months. The Indian foreign minister said Europe’s purchase of crude oil from the Middle East is also putting pressure on prices.
“And bear in mind, today, Europe is buying a lot [of crude oil] from the Middle East. The Middle East was traditionally a supplier for an economy like India. So it puts pressure on prices in the Middle East as well. We have been very, very understanding of the European choices and European policies,” Jaishankar underlined.
India has so far not committed to the $60-per-barrel price cap on Russian oil set by the G7, the Group of Seven wealthy nations and the European Union.
India’s import of Russian oil has seen a massive jump in the last few months, increasing from 0.2 percent of the total imports last year to 21 percent last month.
The Narendra Modi government has maintained that it has a “fundamental obligation” to ensure that the country’s 1.3 billion people have the best possible access on the most advantageous terms to international markets. (UNI/Sputnik)

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