An Indian Oil petrol pump can be in Kolkata
Indian refiners’ love of Middle East crude should not be forgotten
Russian oil may be top of India’s menu, but its appetite for Middle East grades will always be a crucial part of the diet
The Middle East has consistently been the largest supplier of crude oil to India. The region’s share has been eaten into by cheap Russian grades during the last two years, but barrels from Saudi Arabia, Iraq and the rest of the Mideast Gulf is expected to be the mainstay of Indian crude imports in the medium and long run. The headlines for the past two years have told the same story: Russia has been the top crude source by single country for India since the Ukraine conflict broke out in February 2022. Russian supplies have hovered between 35% and 40% in each month as Moscow provides deep discounts on its crude. But taken as a whole, the Middle East still provides the majority of the crude. M
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