Posted 1/4/2024, 9:07:13 AM
India Turns to Cheaper Oil Suppliers As Russian Imports Become Costlier
- Russian oil imports became most expensive for India in a year in November at $85.90 per barrel
- Iraq and Saudi Arabia offered cheaper oil to India in November at $85.70 and $93.30 per barrel respectively
- Less attractive discounts from Russia made India seek alternative suppliers
- India's imports from Russia rose 6.2% in November to 1.68 million barrels per day
- December imports from Russia fell to 1.48 million barrels per day due to tighter sanctions