According to Reuters, Iran dropped two places to become the uline{1cm} biggest oil supplier to India in November, after New Delhi cut purchases due to the impact of U.S. sanctions.

2018

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

According to Reuters, Iran dropped two places to become the _________ biggest oil supplier to India in November, after New Delhi cut purchases due to the impact of U.S. sanctions.

A	Fourth
B	Seventh
C	Fifth
D	Sixth

Explanation:

Detailed explanation-1: -Detailed Solution. The correct answer is Russia. Russia in May 2022, has overtaken Saudi Arabia to become India’s second-biggest supplier of oil behind Iraq. India bought about 25 million barrels of Russian oil in May 2022 or over 16 per cent of all their oil imports.

Detailed explanation-2: -The Oil Lifeline Most of this flow went to companies in China, with entities in Syria, the United Arab Emirates, and Venezuela receiving some as well (the oil sent to the UAE is likely reexported to Asia).

Detailed explanation-3: -Although sanctions on its oil exports remained in place, Iran shipped more crude oil, primarily to China, in 2021.

Detailed explanation-4: -Analysts at Goldman Sachs said that a return of Iranian supplies would cause them to adjust their forecast of $125 a barrel for Brent crude, the international benchmark, down by $5 to $10 a barrel for 2023.

There is 1 question to complete.