India's oil imports from Russia drops 19% in February, Saudi Arabia 2nd largest supplier
Also read: Saudi Arabia has an unlikely solar star Data from the ministry of commerce and industry showed that oil supplies from Saudi Arabia jumped 67.5% to $2.6 billion taking it to the second position in the list of oil suppliers to India, from $1.55 billion in January. For most part of the past two years, Iraq has been the second largest supplier to India. It has now slid to the third position with $2.24 billion worth of supplies in February, 11.6% down from $2.54 billion in January.
India's oil import bill in February 2024 stood at $13.25 billion, about 10% higher from $12.04 billion in January. The sequential rise came even as consumption of petroleum products declined marginally in February. Data from the petroleum planning and analysis cell (PPAC) showed petroleum product consumption in February stood at 19.75 million tonnes, 1.3% lower from 20.01 million tonnes in January.
In March, however, it increased to 21.09 million tonnes. Also read: India's crude oil consumption up 4.6% in FY24, output rises marginally at 0.6%, imports steady: PPAC The crude oil market has witnessed significant volatility in the past two months with escalating tensions in West Asia. A barrage of missile and drone attacks by Iran on Israel a fortnight ago raise concerns on oil supplies through the Strait of Hormuz which is a key supply route and lifted prices above $90 per barrel mark.
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