Saudi Arabia displaces Russia and becomes India's second oil supplier in August

Data from industrial and commercial sources showed that Saudi Arabia came in second place for India's oil suppliers in August, surpassing Russia by a narrow margin, while Iraq retained first place.

According to the data, 863,950 barrels per day of crude were shipped from Saudi Arabia to India, the world's third-largest oil importer and consumer, up 4.8 percent from the previous month, while purchases from Russia fell 2.4 percent to 855,950 barrels per day.

Despite Saudi Arabia's rise, the share of oil from the Organization of the Petroleum Exporting Countries (OPEC) to India fell to 59.8 percent, the lowest level in at least 16 years as India cut imports from Africa.

India became the second-largest buyer of Russian oil after China after others cut back on purchases following the outbreak of the Russo-Ukrainian war in late February.

India's monthly imports of Russian oil continue to decline after hitting a record high in June as Moscow scaled back cuts to its oil.

Also in August, the UAE remained India's fourth-largest oil supplier, while Kazakhstan removed Kuwait to become fifth.

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