Indian Refineries Turn to Russian Oil as Cheaper Alternative to Middle Eastern Suppliers

Shafaq News/ Indian refineries are turning to Russian oil as a cheaper alternative to traditional suppliers in the Middle East, including Iraq and Saudi Arabia. This is due to the region's crude oil exporters cutting production and raising prices while Russia's crude oil exports are doubling at cheaper rates.

India's crude imports from Russia are expected to reach a record high in April, with estimates of 1.94 million bpd from Refinitiv Oil Research and 2.39 million bpd from commodity analysts Kpler. This marks the first time India's crude imports from Russia will exceed those from all Middle Eastern producers combined.

However, Iraq remains India's largest supplier from the Middle East, with imports in April estimated at 840,000 barrels per day, while Saudi Arabia ranked second at 640,000 barrels per day.