India's oil imports drop as Russia becomes top supplier
India just saved big on oil—spending dropped nearly 19% to $30.6 billion this April-June, even though the amount of oil bought stayed the same.
The reason? India's been snapping up discounted Russian crude, making Russia its top supplier and pushing Saudi Arabia down the list.
Russian oil now makes up almost 38% of imports
Russian oil now makes up almost 38% of what India buys, a huge jump from just a few years ago.
Indian refineries have tweaked their systems to handle more Russian grades, which has boosted profits and helped save on foreign currency.
India still gets plenty of oil from the Middle East
Even with US warnings about buying Russian oil, India's not putting all its eggs in one basket—it still gets plenty from the Middle East.
With import dependence at over 81%, expect Russia to stay important for now, but India is clearly keeping its energy options open.