Russia becomes India's second-biggest oil exporter

According to trade sources, Russia became India's second-largest oil supplier in May. Iraq remains No. 1.

Indian refiners received 819,000 barrels per day (bpd) of Russian oil in May, the most since April.

Many oil importers rejected Russia because of its invasion of Ukraine, lowering spot prices for Russian crude.

This allowed Indian refiners to buy cheap Russian oil despite high freight costs.

Russian grades accounted for 16.5% of India's overall oil imports in May, helping C.I.S. oil to 20.5% while Middle East oil declined to 59.5 %.

India's oil imports grew 5.6% in May and 19% year-over-year.

India defends its purchase of "cheap" Russian oil, saying imports are a fraction of its needs and a sudden stop would raise consumer costs.

In April, Russia's oil imports lowered OPEC's share to 65%.

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