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Chart of the Day: Substitution of GCC Crude with Russian Crude in India

Summary

Figure (1) shows trends in crude exports of Russia and the Gulf Cooperation Council Countries (GCC): Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE. As India’s crude imports from Russia increased, imports from the GCC decreased. But do not be fooled by a partial story. details below.

EOA’s Main Takeaways