CosmicTaco

India Surpasses China as Russia's Top Oil Buyer in July

CosmicTaco · 2024-08-23T16:00:32.501427+05:30

- India became the largest importer of Russian oil in July, surpassing China due to lower profit margins in Chinese fuel production. - Indian shipments of Russian crude increased by 12% year-on-year, reaching a record high of 2.07 million barrels per day (bpd). - India's July oil imports from Russia exceeded China's 1.76 million bpd, including both pipeline and shipment deliveries. - Indian refiners are capitalizing on discounted Russian oil following Western sanctions against Moscow. - Iraq, Saudi Arabia, and the UAE followed as India's top oil suppliers, with Middle Eastern imports rising by 4% in July. Source: [Times of India](https://timesofindia.indiatimes.com/business/india-business/india-beats-china-to-become-russias-top-oil-buyer-in-july/articleshow/112706542.cms)

India became the largest importer of Russian oil in July, surpassing China due to lower profit margins in Chinese fuel production.
Indian shipments of Russian crude increased by 12% year-on-year, reaching a record high of 2.07 million barrels per day (bpd).
India's July oil imports from Russia exceeded China's 1.76 million bpd, including both pipeline and shipment deliveries.
Indian refiners are capitalizing on discounted Russian oil following Western sanctions against Moscow.
Iraq, Saudi Arabia, and the UAE followed as India's top oil suppliers, with Middle Eastern imports rising by 4% in July.

Source: Times of India