After a three-month hiatus, Saudi Arabia surpassed Russia to become India's second-largest oil supplier, while Iraq maintained the top spot in August, according to statistics from industry and trade sources. India has replaced China as Russia's second-largest oil importer since Moscow's invasion of Ukraine in late February. By getting raw materials at lower costs than supply from other countries, the two countries are thought to be lessening the effect of Western sanctions on Moscow. Apparently, the imports of oil from Russia and Saudi Arabia to India have changed significantly in July 2022, according to GlobalData.
After reaching a record in June, India's monthly oil imports from Russia have been falling as Moscow has reduced the discounts granted for its oil and refiners have increased longer-term supply.
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