India's Crude Oil Imports From Russia Decline By Nearly 25 Per Cent In Last Two Months

India's crude oil import from Russia saw a decline of nearly 25 per cent in the past two months.

India imported 738,024 barrels per day (bpd) of Russian crude oil in August, 18 per cent less than in July and 24.5 per cent lower than in June, according to energy cargo tracker Vortexa, reports Economic Times.

Meanwhile, India's overall crude oil imports declined to 4,049,167 bpd in August, 13 per cent less than in July and 15 per cent lower than in June.

In August, Russia slipped one position to the third spot among the largest crude oil exporters to India.

Saudi Arabia was the largest crude oil exporters to India in August with 28 per cent market share, as it toppled Iraq from the top spot for the first time in a year.

Iraq had a 20.6 per cent market share in India in August, followed by Russia (18.2 per cent).

India's crude oil imports from Iraq and the United Arab Emirates (UAE) fell 18 per cent and 20 per cent respectively in August from July while supplies from Saudi Arabia and the US shrank 3 per cent and 7 per cent respectively.