Banned ineffective! Russia overtakes Iraq-Saudi, becomes India’s number 1 oil supplier2 min read
India has become the number 1 country in buying Russian oil.
India tops in buying oil from Russia in October.
In the year 2019, less than 1 percent of the oil was bought by India from Russia.
New Delhi. India has become the number 1 country in buying oil from Russia. According to the market report prepared on the basis of shipping data, India is on top in buying oil from Russia in October. Iraq and Saudi Arabia are in second and third place respectively in terms of oil supply. In the year 2019, less than 1 percent of oil was bought by India from Russia, which has now reached 22 percent. In contrast, Iraq, which has been the top supplier for years, has reached 20 percent and Saudi Arabia’s 16 percent.
According to a TOI report, oil imports from Russia have increased after Moscow’s invasion of Ukraine on 24 February. Because of Western sanctions traders offered huge discounts with Russian barrels. Russian oil pushed the share of West Asian crude in India’s imports to a 19-month low in September. There is no doubt that the total monthly imports have come down due to the planned closure of refineries.
On the other hand, Russian oil imports have returned after declining in July and August, as barrels still remain with attractive discounts, even if they are not the same. Also, Indian refineries were on the lookout for good discounts after the European Union imposed sanctions on Russia from December 5. At the same time, since the sanctions, many countries of Europe including America have objections as to why India is buying oil from Russia at a discount.
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At the same time, there was news last month that three countries that helped Moscow maintain crude oil exports after the invasion of Ukraine had returned to the market for Russian barrels, with Turkey playing a leading role, including India and China. . Now the new report has confirmed this. Bloomberg published a report about this last month. The report said that the sales of Russian crude oil have increased due to Turkey, China and India. These three countries are the destination of almost all tankers carrying Russian crude.
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Tags: Russia News, World news
FIRST PUBLISHED : November 03, 2022, 08:09 IST