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In February, Iraq overtook Russia as India's largest oil supplier, according to shipping data released on Friday. This shift was notable given Russia's previous dominance in the Indian oil market.
However, some analysts expect Russia to reclaim its position as India's top oil supplier in the coming month. This forecast follows the United States' decision to waive sanctions on Russian oil supplies, facilitating increased imports from Moscow.
The waiver is seen as a strategic move to stabilize global energy markets amid ongoing geopolitical tensions, allowing India to continue sourcing significant volumes of Russian crude.
