ANI, New Delhi
Published by: Surendra Joshi
Updated Fri, 25 Feb 2022 07:35 AM IST
Summary
Russia is the second largest producer of oil in the world and supplies it to oil companies in Europe. It also exports about 35 percent of its natural gas to Europe. Oil and gas supplies to Europe may come to a halt due to the fresh war.
The ongoing war between Ukraine and Russia will have an impact on countries around the world and India will also not remain untouched by it. Crude oil has reached $1053 per barrel for the first time since 2014. Due to this, India’s crude oil import bill is estimated to increase by 15 percent. On the other hand, between April and December 2021, foreign direct investment in the country has decreased by 10.6 percent. This has also affected the foreign exchange fund.
There is a fear of disruption of oil supply due to Ukraine war. This is sure to have an impact on India as well. Ukraine tensions have pushed Brent crude oil prices to $105 for the first time in eight years. Russia is the second largest producer of oil in the world and supplies it to oil companies in Europe. It also exports about 35 percent of its natural gas to Europe. Oil and gas supplies to Europe may come to a halt due to the fresh war.
Expansion
The ongoing war between Ukraine and Russia will have an impact on countries around the world and India will also not remain untouched by it. Crude oil has reached $1053 per barrel for the first time since 2014. Due to this, India’s crude oil import bill is estimated to increase by 15 percent. On the other hand, between April and December 2021, foreign direct investment in the country has decreased by 10.6 percent. This has also affected the foreign exchange fund.
There is a fear of disruption of oil supply due to Ukraine war. This is sure to have an impact on India as well. Ukraine tensions have pushed Brent crude oil prices to $105 for the first time in eight years. Russia is the second largest producer of oil in the world and supplies it to oil companies in Europe. It also exports about 35 percent of its natural gas to Europe. Oil and gas supplies to Europe may come to a halt due to the fresh war.