Russian oil dominates India’s oil imports; share of Iraq, Saudi Arabia, UAE and US falls

Russia's crude oil imports to India surged to 35% in FY24 from 23% the previous year, surpassing other major suppliers like Iraq, Saudi Arabia, UAE, and the US. Russian supply rose to 1.57 million barrels a day, while Iraq and Saudi Arabia experienced declines. Despite challenges, Indian refiners favor Russian crude for discounts.