CURRENT AFFAIRS

Detailed explanation-1: -Saudi Arabia emerged as the second-biggest oil supplier to India after a three-month gap, overtaking Russia by a thin margin, while Iraq retained the top spot in August, data from industry and trade sources showed.

Detailed explanation-2: -Russia now supplies almost 22% of India’s total crude imports, ahead of Iraq’s 20.5 per cent and Saudi Arabia’s 16 per cent. India’s appetite for Russian oil swelled ever since it started trading on discount as the West shunned it to punish Moscow for its invasion of Ukraine.

Detailed explanation-3: -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-4: -Saudi overtakes Russia to become India’s second biggest oil supplier.

Detailed explanation-5: -Russia has overtaken Saudi Arabia to become India’s second-biggest supplier of crude oil behind Iraq, with volumes likely to rise in the coming months due to the significant discounts offered by Russia.