India, on the Other Hand, Is Ramping Up Purchases of Russian Oil

July 13, 2022 (EIRNS)—India, which has refused to participate in the monster sanction attack against Russia, is rapidly increasing its purchases of Russian oil—at a substantial discount. India is the #3 oil consumer in the world, after the U.S. and China, and Russia is now its #2 supplier (Iraq is still #1). Reuters reports that India’s June oil imports from Russia rose by 15.5% over May, and were about 950,000 bpd. At the same time, Indian imports from Iraq and Saudi Arabia dropped by 10.5% and 13.5%, respectively.