Russia Loses Indian Oil Market Share to Middle East’s Exporters

India imported lower volumes of Russian crude oil in November while it boosted purchases of Middle Eastern crude, as Russia exported lower volumes overall while some Indian refiners were undergoing maintenance. In the months prior to November, India continued to boost crude imports from Russia. Over the past two years, India has become a key buyer of Russia’s oil, while the attractiveness of cheaper crude supply has made Russia the single biggest supplier of oil to India. But last month, India imported 1.52 million barrels per day (bpd) of…