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BEIJING : Russia leapfrogged Saudi Arabia to become China's top crude oil supplier in 2023, data showed on Saturday, as the world's biggest crude importer defied Western sanctions to purchase vast quantities of discounted oil for its processing plants. Russia shipped a record 107.02 million metric tons of
Russia shipped a record 107.02 million metric tonnes of crude oil to China last year, equivalent to 2.14 million barrels per day (bpd), the Chinese customs data showed, far more than other major oil exporters such as Saudi Arabia and Iraq.
India's Oil Minister, Hardeep Singh Puri, is urging the country to diversify its crude sources and accelerate its energy transition due to supply cuts by OPEC+, costly shipments from Middle Eastern suppliers, and geopolitical tension. Puri believes that supply cuts and uncertainty will dent long-term demand and make it imperative for India to accelerate its transition to green energy
Puri said that while OPEC+ nations have a right to decide on their energy production, supply cuts against such uncertainty, and the resulting adverse impact on global prices, will dent long term demand.
Supply cuts by OPEC+, costly shipments from some traditional Middle East suppliers and geopolitical tension is driving India, the world's third biggest oil importer, to diversify its crude sources and...