India's Oil Imports Surge: Russia Hits Record High, Saudi Arabia Drops

India's oil imports from Russia reached an unprecedented high of approximately 2.1 million barrels per day (bpd) in May, driven by widening discounts on Russian oil due to decreased demand from China. This surge has pushed Russia's share in India's oil market to nearly 41%, solidifying its position as the top supplier to the world's third-largest oil importer and consumer. Conversely, imports from Saudi Arabia plummeted to a 10-month low, attributed to Saudi Aramco's decision to raise term prices for the second consecutive month in May. India's…