Russia accounted for 22 percent of India’s total crude oil imports in October. It was followed by Iraq with 20.5% and Saudi Arabia with 16 percent. The supply of Russian oil has increased even more since it has announced to sell oil to India at a discount rate.
India is buying the most oil from Russia
Russia has emerged as India’s largest business partner in terms of oil supply. Russia now gives India the most oil supply doing. before this Saudi Arab And used to be the name of Iraq. But Russo-Ukraine War The whole equation has changed since it started. During the war, Russia supplied most of the oil to India. After this, Russia has become the largest supplier of India. This information has been given by energy cargo tracker Vortexa. This has come to the fore in the October rankings.
It has been told in the report that in the month of October, Russia accounted for 22 percent of India’s total crude oil imports. It was followed by Iraq with 20.5% and Saudi Arabia with 16 percent. The supply of Russian oil has increased even more since it has announced to sell oil to India at a discount rate. After the attack on Ukraine, Western countries imposed all kinds of sanctions on Russia, including a ban on oil trading. After this Russia started supplying oil to India at cheap rates. India is also taking full advantage of this.
what was the condition a year ago
Vortexa’s report states, in December 2021, India bought only 36,255 barrels of crude oil from Russia every day. This purchase from Iraq was 1 million barrels and from Saudi Arabia was 952,625 barrels. There was no oil purchase from Russia in the next two months. In March, India again started buying Russian oil. Just before this, his fight with Ukraine had broken out. After that such conditions were created that India and Russia came closer to each other and its advantage was visible in the trading of oil.
Saudi reached number three
India imported 68,600 bpd of Russian oil in March, while it rose to 266,617 bpd the following month. The import volume rose to 942,694 bpd in June. But in June, Iraq was India’s biggest supplier with 10.4 million bpd of oil. That month Russia became India’s second largest supplier. Imports declined marginally over the next two months. Imports stood at 876,396 bpd in September before rising to 835,556 bpd in October, according to Vortexa. Iraq slipped to second place in October with 888,079 bpd of supplies, followed by Saudi Arabia at 746,947 bpd.
What is the stand of the Government of India
Despite millions of criticisms from the world, India has defended the decision to buy oil from Russia. India says that wherever it gets cheap oil, it will buy it. Many countries of the West, including America, question this decision of India, but India is continuously increasing oil purchases from Russia. Last week, Oil Minister Hardeep Singh Puri told CNN in Abu Dhabi, Russian oil purchases were 0.2 percent (of all oil imported by India) in fiscal year 2012 (April 2021 to March 2022). We still only buy a quarter of the oil that Europe buys in an afternoon. We have a moral duty towards our consumers. We have a population of 1.34 billion and we have to ensure that energy is supplied to them, be it petrol or diesel.
English News Headline: russia become India’s top oil supplier surpassing traditional sellers Saudi Arabia and Iraq
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