India cut its purchases of Russian crude for the first time in 5 months and switched to Saudi Arabia's cheaper oil

In July, India slashed its purchases of Russian crude in the face of cheaper Saudi oil, according to a report.

Russia shipped 877,400 barrels of oil to India in the month of June. It was a decline from June.

India's oil imports from Saudi Arabia went up by 25.6% in July. Saudi Arabia reduced its official selling price to Asian customers in June and July, leading to an increase in imports.

Western sanctions on Moscow have deterred buyers in markets like Europe and slashed the value of its oil, so India and China are the biggest buyers of Russian crude. Russia's oil exports to Asia have helped the country rake in hundreds of billions of dollars from its oil and gas sales.

Demand for Russian crude appears to be waning as a pickup in prices for Russian crude makes it less attractive to some buyers. Russia's crude exports to Asia fell to their lowest level since the war last week.

At the same time, Russia is exporting its oil to new markets, where it was reported that Russian tanker ships were headed for Sri Sri and Egypt.

More Asian buyers are being wooed by Saudi Arabia. Competition between the world's largest oil producers is heating up, as cheaper US crude is attracting refinery in South Korea and India.