Crude oil.
Indian oil refineries are continuing to take oil from Russian companies. According to news agency ANI, big oil companies of the country such as Indian oil are still buying oil from Russia. The US President had given a statement, in which he said that I know that India has stopped buying oil from Russia. However, Indian companies have denied this.
India’s decision to buy Russian oil is based on price, crude oil quality, stock, logistics and other economic factors. India continued to take oil from Russia as Russia is the second largest crude oil producer in the world, which produces around 9.5 million barrels of oil daily and exports 4.5 million barrels of crude oil and 2.3 million barrel refined products. In March 2022, Brent crude prices reached $ 137 per barrel in March 2022 due to fear of Russian oil being out of market. At such a time, India optimized its sources Smartali so that they could get cheap energy, that too fully following the international rules. Previously, US President Donald Trump claimed that India could stop buying Russian oil and described it as a “good step”. But India defended its right to create an energy policy based on its national interest.
According to reports, Russian oil has never been banned. Rather it was placed under the price-cap mechanism of G7/EU, so that Russia’s revenue is limited and global supply continues. India acted as a responsible global player, keeping the market stable and prices under control. If India would not have taken concessional Russian oil, when OPEC+ had cut 5.86 million barrels daily, the oil prices could have increased by more than $ 137 per barrel in March 2022, which would have increased the pressure of inflation across the world.
India is buying Russian oil
It is also necessary to note that Russian oil has never been banned nor America or EU has banned it so far. Indian oil marketing companies are not buying oil from Iran or Venezuela, which the US has really banned. Indian companies always follow US suggestions, a price cap of $ 60. Recently, EU has suggested a price cap of $ 47.6 for Russian crude oil, which will be applicable from September. Speaking on the import of Russian liquid natural gas, sources said that during this time EU was the biggest buyer of Russia’s LNG, who was buying 51% of Russia’s LNG exports. This was followed by China (21%) and Japan (18%). The EU also has a top buyer with 37%stake for pipeline gas, followed by China (30%) and Türkiye (27%).
