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On August 5, Russia overtook OPEC+ ally Saudi Arabia to expand its market share in one of the largest importers of crude oil, despite increased demand for fuel in India and higher crude oil prices in the international market.
Russian barrels were less expensive than Saudi barrels in the April-June 2022 period, and supplied India with crude that expanded to about $19 a barrel in May. Russia even overtook Iraq to become India's second largest supplier in June .
India and China embraced Russian crude after the invasion of Ukraine causing most importers to shun its barrels. India imports 85 percent of its oil from Russia to provide some economic relief during high inflation and record trade deficits . According to what was translated by "Economy News" from the equitypandit website .
Government statistics show that the cost of India's oil imports rose to $47.5 billion in the second quarter due to rising global prices and demand for fuel. In the same quarter of 2021, when prices and volumes were lower, it was $25.1 billion. Oil prices have fallen recently due to concerns about a slowing economy, bringing relief to consumers .
Although the spread between Russian and Saudi crude prices narrowed in June, crude oil was still about $13 cheaper, with an average cost of about $102. Incidentally, Saudi Arabia was India's largest supplier of crude oil in 2021, while Russia ranked ninth .
During June of this year, Iraq continued to be India's largest supplier of crude oil. The price of Iraqi crude oil, a supplier of OPEC, was nearly $9 a barrel, more expensive than the price of a Russian barrel in May, but was cheaper in all other months. India's imports from Russia have increased tenfold since March .
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