Russia, which surpassed Saudi Arabia as India’s top oil supplier in October last year, sold 1.96 million barrels of crude daily to India during May, according to Vortexa data cited by Bloomberg. That’s around 15% higher than the 1.67 million barrels a day sold to India in April. Saudi Arabian oil shipments, meanwhile, fell to their lowest level since February 2021, marking a 28-month low. That’s primarily due to ever-steeper discounts on Russian crude, which has fueled Russian oil purchases by allies like China and India. According to data from India’s Ministry of Commerce, the average cost of Russian crude shipments was $68.21 a barrel in April, marking the lowest price tag on Russia’s crude since the nation first invaded Ukraine.
- India snaps up record amount Russian oil while flows from Saudi Arabia plunge to 28-month low