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Crude oil imported from Russia is delivered to oil refineries and converted into petrol and diesel. A huge amount of fuel is received from Russia at discounted rates and converted into other grades at refineries. It is converted into petroleum products which are used for industrial purposes.
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Before the Russia-Ukraine war, Russia’s share of India’s total fuel imports was small. India used to import less than one percent of Russian fuel. But in February 2022, India’s oil imports increased as Russia-Ukraine war broke out. According to data from last March, 34% of India’s total fuel imports come from Russia.
India bought more than twice as much fuel (0.82 million barrels per day) from Russia as it did from Iraq in March. Iraq has been India’s largest supplier of fuel since 2017-18.
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Saudi Arabia is the second largest supplier of fuel to India. Supply in March was 986,288 barrels per day. Iraq was third during the period, supplying 821,952 barrels per day.
India is the largest importer of crude oil in the world after the US and China. Following the Russia-Ukraine war, Russian fuel was banned in European countries. India was going ahead with the decision to buy Russian fuel. Initially there was criticism from Western countries, but India went ahead with the decision and continues to import large quantities of Russian fuel into the country at discounted rates.
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