PM Modi and President Putin
India has played a great friendship with Russia. Actually, when the war between Ukraine and Russia started, most of the countries of the world have rebel from Russia. Even at that time, India did not care about anyone and supported Russia and started rectangling crude oil i.e. crude oil on a large scale. Many countries including America also warned of this but India did not listen to anyone. Let us tell you that in the last three years, India has bought crude oil worth 49 billion euros from Russia. The Global Research Institute gave this information.
Used to buy oil before West Asia
India has traditionally been buying its oil from West Asia. However, he started importing large quantities of oil from Russia immediately after the invasion of Ukraine in February 2022. The main reason for this is that Russian oil was available at considerable discounts compared to other international benchmarks due to Western sanctions and some European countries’ purchase. As a result, India’s Russian oil imports increased, which increased from one percent of the total crude oil to 40 percent in the short term. In its latest report, the Energy and Clean Air Research Center said, Russia’s hold on new markets has been strengthened in the third year of the invasion.
India reached the top three countries
The three largest buyers were China (78 billion euros), India (49 billion euros) and Turkas (34 billion euros). Their share in Russia’s total revenue from fossil fuel in the third year of the invasion was 74 percent. It said that India’s import price saw an increase of eight percent on an annual basis. In the third year of the invasion, Russia’s total global fossil fuel income reached 242 billion euros and has increased to 847 billion euros since the attack on Ukraine. Some refineries in India converted Russian crude oil into fuel like petrol and diesel, which was exported to Europe and other G-7 countries. Price discount on Russian oil (which is sometimes lower than the market price of other oils at $ 18-20 per barrel) gave India a chance to buy oil at a very cheap rate. However, the discount in recent day has come down to less than three dollars per barrel.
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