Business
July 16, 2023
3 min

India is starting to reach the limits of its Russian oil splurge - Indiatimes.com

Oil prices dropped on Monday following a revolt by Russian mercenaries, though experts say the political instability is not an immediate threat to oil supply. India's import of cheap Russian oil reached a record high in May, surpassing combined purchases from Saudi Arabia, Iraq, UAE, and the US. The International Energy Agency noted that India and China bought 80% of Russia's oil exports in May, taking advantage of discounts due to sanctions imposed by the West.

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Adhikansh Gupta
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Writer and editor who covers the latest trends and innovations in the software-as-a-service (SaaS) industry