In this way, oil refineries are shifting Russian crude oil available at a discount to other grades. Russia-Ukraine war will start in February 2022. Earlier, less than one percent of India’s total imports were Russian crude oil.
But a year later, India was importing 1.62 million barrels of Russian fuel per day this February. This is 35 percent of India’s total imports. This is a record.
India is the world’s third largest importer of crude oil after China and the US. Many European countries have banned Russian fuel following their involvement in the war with Ukraine. It is in this situation that India has decided to import more crude oil at lower prices. Initially, many countries in the West opposed India’s position, but India went ahead with its own decision.
Currently, the increased import of Russian fuel to India has affected the oil exports of Saudi Arabia and the US to India. Saudi Arabia’s crude oil exports to India fell by 16% and US exports by 38%.
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