CURRENT AFFAIRS

Detailed explanation-1: -Iraq replaced Saudi Arabia in August as the top oil supplier to India, data from industry and shipping sources showed, as refiners turned to Iraqi barrels to compensate for a lower intake of Iranian oil ahead of U.S. sanctions in November.

Detailed explanation-2: -Russian oil accounted for about 23 per cent of India’s overall import of about 4 million bpd oil in November, the data showed.

Detailed explanation-3: -As per Vortexa, India imported just 36, 255 barrels per day of crude oil from Russia in December 2021, compared to 1.05 million bpd from Iraq and 9, 52, 625 bpd from Saudi Arabia.

Detailed explanation-4: -Russia, which in October 2022 for the first time surpassed traditional sellers Iraq and Saudi Arabia to take the No. 1 spot, now makes up for 25 per cent of all oil imported by India. The imports peaked as a price cap was agreed upon by the EU on Russian seaborne oil.

Detailed explanation-5: -Iraq remains the biggest oil supplier to the country India, the world’s third biggest oil importer and consumer, shipped in 8, 63, 950 barrels per day (bpd) of crude from Saudi Arabia, up 4.8% from the previous month, while purchases from Russia fell 2.4% to 8, 55, 950 bpd, the data showed.