New Delhi
American ban seems ineffective on Russian oil. India has again intensified buying oil from Russia. It has gained momentum in March as compared to January and February. In January, the US imposed some ban on Russia. It also included crude oil sold in India and China. This ban which was imposed by Biden’s administration. Even after Donald Trump took power, they are banned. However, Russia has increased the pace of selling oil in March.
According to a report in the Indian Express, India bought a large amount of oil from Russia in March. The reason for this is that Russia oil is getting easily. Most of the oil is getting less than $ 60 per barrel. With this, India is being easily found without restriction to bring oil to India. One of the major reasons for Russia having more oil is that Ukraine has attacked Russian oil factories with drones. This has reduced oil consumption in Russia and is forced to sell oil out.
How much bought oil?
Keep an eye on the oil market The KPLER company has released some figures. According to these data, in the first 21 days of March, India bought an average of 1.85 million barrels of oil from Russia every day. In February, the figure was 1.47 million barrels per day (BPD). It was 1.64 million BPD in January. This means that India bought more oil from Russia in March. Russia’s share has been more than 35 percent of the oil that India bought in March. The stake was 31% in February and 33% in January.
India and China are at the forefront
In the month of January to March, India bought an average of 1.75 million BPD oil from Russia every day. In the last two years also, India had bought almost the same oil. Russia attacked Ukraine in February 2022. After this, western countries reduced the purchase of oil from Russia. Since then, India and China have become the highest oil bought countries from Russia.
Biden administration had banned
The Biden administration which was banned by the Biden administration on Russian oil. Biden took this decision a few days before Donald Trump took over as the president. During this time, the Biden administration also banned 183 ships. These ships used to carry oil from Russia. Apart from this, he also banned two big oil companies and insurance companies in Russia.
When the ban, why did it rise?
Now the question is that when America has banned Russian oil, then why is Russia selling oil in such a situation. Actually, due to the ban, India’s oil factories were having some difficulty in bringing oil from Russia. They did not want to work with ships and insurance companies that were banned.
But now the price of Russia oil has come down by $ 60 per barrel. In such a situation, the problems of ships and insurance have gone away. G7 countries and their colleagues have made a rule that if the price of Russia oil is less than $ 60, ships and insurance companies from Western countries can help in bringing oil from Russia. According to the KPLER’s database, all the ships coming from Russia to India are without restrictions.
