India Oil Import From Russia: Petrol and diesel prices are increasing continuously in India. In such a situation, Saudi Arabia was the second largest oil exporting country in India last year. At the same time, Russia’s number comes far behind in this matter. For the past few months, there is a fierce war between Russia and Ukraine, in such a situation it has a direct impact on its oil business. Due to this war, Russia had to face many sanctions. So there, a big and new area like India was also found.
Increasing competition in the Indian oil market
It is being told that there is a lot of competition in the Indian oil market too. At the same time, Russia has sold more oil to India than its OPEC ally Saudi Arabia. With this decision of Russia, India’s oil market has got a new position. Now with this, India is one of the largest oil importers in the world.
read this also: Monkeypox: After Corona, now monkeypox has become a disaster, declared a public health emergency in the US
According to a report, from April to June in India, Russian oil was selling cheaper in India than in Saudi Arabia. Not only this, but India was getting a discount of up to $ 19 on Russian oil in the month of May.
Russia overtook Saudi Arabia in this matter
In such a situation, in the month of June, Russia overtook Saudi Arabia to become the largest oil exporting country in India. Let us tell you that Iraq exports the most crude oil to India.
Significantly, ever since Russia attacked Ukraine, many countries have banned the purchase of oil from it. At the same time, along with India, China also took advantage of this opportunity and decided to buy more oil with Russia. Let us tell you that India imports 85 percent of its oil requirement. India has got a lot of relief from this oil purchase. The ever-increasing inflation has had a great impact on India’s economic front.
read this also: Business Idea: Earning lakhs will be sitting at home, it is very easy to start this business
For all the news of the country and the world, subscribe to our YouTube channel ‘Web News India’ now. You can also follow us on FACEBOOK, INSTAGRAM and TWITTER.