UAE Retains Position as India's Second-Largest Crude Supplier as Russian Discounts Shrink

UAE consolidated its position as India's second-largest crude oil supplier in May. While Russia maintained its hold on the absolute top spot, narrowing price discounts on Russian Urals prompted Indian refiners to step up their intake of traditional Middle Eastern grades. Backed by long-term term contracts and localized trade pacts, the UAE outpaced regional rivals Saudi Arabia and Iraq to anchor India's energy security strategy.