Russian Crude Oil: America and Europe’s tension with Russia has increased since the Russia-Ukraine war. At the same time, India has imported more crude oil from Russia than before. In the financial year 2022-23, the import of crude oil from Russia has been increased at a record level (India Imports Russian Crude Oi). According to the Reuters report, it has been learned from the tracking data of the ships that many oil refineries in India have bought large quantities of crude oil from Russia and exported it to Europe. In this, the maximum quantity of Diesel and Jet Fuel has been exported. Significantly, due to the sanctions imposed on Russia due to the Russia-Ukraine war, many western countries are not able to buy oil directly from Russia. In such a situation, he is adopting the way of buying Russian oil from India.
Increased profits of India’s refineries
Through this, the oil refineries of India are expected to make huge profits. Indian oil refineries have captured the big market of Europe. According to Kepler, which monitors shipping data, before the Russia-Ukraine war, jet fuel and diesel were exported from India to European countries at 154,000 barrels per day, which has now increased to 200,000 barrels per day. Along with this, an increase in the import of Russian oil has been recorded for the 7th consecutive month in March. At present, India is buying maximum crude oil from Russia only.
India bought large quantity of oil from Russia
According to the data of Kepler and Vortex, before the start of Russia-Ukraine war, India used to buy crude oil from Russia only in small quantities because it cost more to bring it to India. But since the war, an increase in this figure is being seen. One-fifth of the total crude oil coming to India has been purchased from Russia. Along with this, Kepler’s data has also revealed that there has been a decrease in the amount of crude oil India buys from Iraq.
Import of crude oil will increase between India and Russia
India’s largest oil company Indian Oil has signed a deal with Russia’s largest oil company Rosneft. Under this, in the coming few years, India will import crude oil from Russia in large quantities. Significantly, India has not stopped importing oil from Russia even after pressure from Western countries and America.