Saudi Arabia overtakes Russia in providing oil to India
Russia is in war with Ukraine for several months & it sure does have affected country’s economic & political processes in more than enough ways. The novel news comes from India as it has become the second biggest oil importer from Russia after China.
It is so because all other gigantic oil purchasers have cut down the purchasing ties with Russia post the Russia-Ukraine war.
Apart from that, Saudi Arab has termed as the second-biggest oil supplier to India. India is world’s third largest importer & consumer of oil from the world. Around 863,950 barrels of oil is shipped on daily basis form Saudi Arabia. This is 4.8% up from the previous month whereas imbalanced ties with Russia has caused the import ratio drop to 2.4%.
Simply put, India has become the second highest after China oil exporter from Russia. This is so because both India & China want to secure raw materials in the discounted prices from all other impactful countries.
Saudi Arabia overtakes Russia in providing oil to India
Talking about the Russia-Ukraine war, it is also pertinent to mention that the New-Delhi officials have not condemned the Russian invasion in Ukraine so far. PM Modi is to even meet President Putin on Sep 16th, 2022 for a sideling of a summit in Shanghai Corporation Organization.
These figures, however, can be an alarming news for Russia considering the economic & political front. Moreover, these repercussions are even expected to increase in the coming future. Not to forget that Ukraine is also reported to have retain back most of their territories that were invaded initially by Russia.
