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India's oil imports in May totalled 4.98 million barrels per day (bpd), the highest since December 2020. Iraq was India's second biggest supplier of oil in May. Russia rose to become India's second biggest supplier of oil in May while Saudi Arabia was in third place. Russian grades accounted for about 16.5% of India's overall oil imports in May, and helped raise the share of oil from the Commonwealth of Independent States countries to about 20.5%, while that from the Middle East declined to about 59.5%. Reason for increasing Russian Oil in India: Western sanctions against Russia for its invasion of Ukraine prompted many oil importers to shun trade with Moscow, pushing spot prices for Russia’s Ural crude oil to record discounts against other grades. That provided Indian refiners, which rarely used to buy Russian oil due to high freight costs, an opportunity to snap up low-priced crude.
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