Russia Overtakes Saudi Arabia As India’s Second-Largest Oil Supplier

Russia overtook Saudi Arabia to become India’s second-largest supplier of crude oil last month, Reuters reported, citing unnamed trade sources. The average daily rate of Russian oil exports to India stood at 819,000 barrels, according to the data that these sources shared, which compared with a meager 277,000 barrels daily in April. According to a report by a Finnish environmental agency, Indian buyers now account for 18 percent of Russian crude oil exports. What is more interesting, however, is that some of the fuel Indian refiners produce…