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Russian crude oil exports reduce Middle East market dominance in India

India has been broadening its oil supply sources, increasing its imports from the US after the country began exporting in late 2015.

Photo by Andy Li / Unsplash

Russian oil has pushed its way into the Indian and Chinese markets and eaten into Saudi Arabia's and Iraq's market share. Since the Ukraine conflict, Indian refiners have stocked up on cheap Russian barrels.

According to the Petroleum Planning and Analysis Cell of the oil ministry, the region of Eurasian crude oil imports, which includes Russia, increased to a record 18.8 percent during the period April to June from 3.4 percent over the previous 12 months.

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