India bought the maximum crude oil from Russia in December 2022. Earlier this happened in October and November also. According to energy cargo tracker Vortexa, India bought an average of 1.19 million barrels of crude oil from Russia every day in December. A year before this, in December 2021, India used to buy only 36,255 barrels of oil per day from Russia. That is, the purchase of oil from Russia increased by about 32 times in a year.
Import of 25% crude oil from Russia
India now imports 25% of its oil requirement from Russia. Till March 2022, India used to buy only a very small part of its requirement from Russia. But from April the situation started changing. In October, Russia overtook Iraq and Saudi Arabia in terms of selling oil to India.
Increase due to the Russia-Ukraine war
The biggest reason for this increase is the Russia-Ukraine war. Actually, after the war America and European countries imposed sanctions on Russia. After which Russia started giving a discount on crude oil. India also took advantage of the opportunity and started buying large quantities of oil from Russia. Like India, China bought a large amount of crude oil from Russia during this period.
Oil purchases not less than the price cap
The G7 countries imposed a price cap on Russian crude oil in early December. Under this, oil could be bought from Russia only for $ 60 / barrel or less. This price cap has not had any impact on India's oil purchases from Russia. In December, for the first time, India bought more than one million barrels of oil per day from Russia. According to industry sources, India is getting Russian oil at a price lower than the price cap.
Cyclone Montha has begun to make landfall, bringing heavy rain to the coastal areas of Tamil Nadu
PM Modi: PM shared Capital Group's report on social media, wrote- India a shining star globally
Prime Minister Narendra Modi on Sunday shared a recent report by Capital Group on social media, s
Filmmaker Ram Gopal Varma is trying to avoid arrest these days. The police are constantly looking
On Tuesday, on the first day of Prime Minister Narendra Modi's US tour, he met Elon Musk, the wor
Pakistan has become an election issue in the country's general elections. Meanwhile, amid electio
Indonesia Oil Depot Fire: Fierce fire in oil depot in Indonesia, 17 killed; evacuation of thousands
A massive fire broke out at a fuel storage depot in the Indonesian capital on Friday, killing at
The Forest Department team caught seven accused red-handed for setting fire to reserved forests i
There is a continuous increase in the cases of corona in the country. Meanwhile, the XBB 1.16 var
There is now one month left for the World Cup to be held in India from October 5. The BCCI is goi
Punjab had to face a crushing defeat in the 18th match of IPL 2023 played in Mohali. Gujarat Tita
