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Russia Remained Largest Oil Supplier to India in 1H 23/24


India imported 1.76mbpd of Russian oil from April to September – the first half of fiscal 2023/24 – more than double compared with the same period last year when imports stood at around 780kbpd, with Russia now accounting for around two fifth of India’s oil imports, tanker data from industry sources showed, cited by Reuters.

  • Russia was the top oil supplier to India in April to September, followed by Iraq and Saudi Arabia.
  • India’s imports from Iraq during the period fell by 12% on the year to 928kbpd, while imports from Saudi fell even faster by 23% to 607.5kbpd.
  • Overall imports from the Middle East declined by around 28% to 1.97mbpd, lowering the region’s share in India’s oil imports to 44% from 60% last year.

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