India is gorging on cheap Russian oil - and it's crushed OPEC's market share in the country to a 2-decade low
India has been a big customer of Russian oil suppliers since the invasion of Ukraine, and its appetite for cheap crude from the heavily sanctioned country has slashed imports from OPEC nations to their lowest level in 22 years. shows that Russia overtook Iraq for the first time as India's top oil supplier, and also pushed Saudi Arabia to the number three spot.
Reuters' analysis comes as other data shows that India and China are buying up so much discounted Russian oil thatVladimir Putin ordered the invasion of Ukraine in February last year. The two countries account for about 90% of Russia's oil trade, according to commodities research firm Kpler.
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