India pushed back china in buying more crude oil from Russia..!?

india has overtaken china as the largest buyer of crude oil from Russia. Last July, russia sold 44% of its crude oil to India. It has bought 2.07 million barrels of crude oil per day. This is 4.2% higher than in June. This is 12% higher than last year's July figures, according to data released by indian Shipments. Last July, china bought 1.76 million barrels of crude oil per day from russia, while india bought 2.07 million barrels. So now india is the first country to buy crude oil from Russia.
Russian companies sell crude oil to indian companies at discounted prices due to economic sanctions imposed by Western countries. Due to this, indian companies compete by buying Russian crude oil and converting it into petrol and diesel. According to oil companies, the demand for Russian crude oil in india is increasing day by day. At the same time, Chinese companies have reduced their purchases of crude oil from russia because they believe that it is less profitable for them to buy oil from russia and convert it into other fuels.In february 2022, a conflict broke out between russia and Ukraine. Following this, Western countries imposed severe economic sanctions on russia and Russian-based companies. It also advised various countries not to buy any goods from Russian companies. But trade between russia and india has picked up following the ukraine war. india imports oil and fertilizers largely from Russia. The government has increased trade with russia in a bid to curb inflation. Taking advantage of this, Russian companies also sell oil and fertilizer to indian companies at discounted rates. After russia, india buys the most crude oil from iraq followed by saudi arabia at the third place in this list.
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Sowmiya Sriram

24/08/2024 09:07 AM