India's crude oil imports from Russia reached a record high in July, surpassing China to become the largest buyer of Russian oil amidst shifting global energy dynamics.
India has become the world's biggest importer of Russia n oil, surpassing China , Reuters has reported. Data on India n shipments from trade and industry showed that the country imported 2.07 million barrels per day bpd of Russia n crude in July, good for a 4.2% M/M and 12% Y/Y increase. According to Chinese customs data, India 's July crude oil imports exceeded China 's 1.76 million bpd via pipelines and shipments.
Four largely unexplored sedimentary basins in India could hold up to 22 billion barrels of oil, S&P Global Commodity Insights has reported. In effect, lesser-known Category II and III basins, namely Mahanadi, Andaman Sea, Bengal, and Kerala-Konkan, contain more oil than the Permian Basin, which has already produced 14 billion of its 34 billion barrels of recoverable oil reserves.
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