Saudi Arabia Overtakes Russia as India's Top Oil Supplier in Early Feb

• Saudi Arabia surpassed Russia to become India's largest crude oil supplier in the first 10 days of February.
• Saudi Arabia supplied 1.13 million barrels per day (bpd) to India, while Russia supplied 1.09 million bpd.
• This shift is attributed to price cuts, lower freight costs, and a recent India-US trade deal framework.
• Saudi Aramco removed a 30-cent premium per barrel, making its oil competitive with Oman and Dubai grades.
• India, importing 90% of its oil, is diversifying sources for energy security, with a potential shift away from Russian dependence.