new Delhi . Between Russia and Ukraine war, India has bought crude oil from Russia at cheap prices. The country’s largest refinery Indian Oil on Monday signed a deal with Vitol for 3 million Russian oil (urals). It will be supplied in May. Sources say this is the first deal since the Russian attack on Ukraine in February.
It is noteworthy that after the attack on Ukraine, many Western countries including America have imposed strict economic sanctions on Russia. Even the US banned the import of Russian oil. India is the world’s third largest oil consumer and importer. It imports about 85 percent of its oil requirements. So far, only 2 to 3 percent have been procured from Russia.
world’s third largest importer
Now after the Ukraine crisis, the prices of crude oil in the world have increased by up to 40 percent, as well as Russia is forced to sell crude oil cheaply. In the midst of all this, the Indian government wants that the increase in crude oil prices due to the Ukraine crisis should not affect it.
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Rameshwar Teli has told in a written reply in the Parliament today that the Government of India is ready to take all appropriate steps to reduce the volatility of the market and prevent the rise in crude oil prices. Last month, the government said it was ready to release additional crude.
Meanwhile, an EU source has been quoted as saying that the countries affiliated to the union are ready to impose new sanctions against Russia’s major oil companies Rosneft, Transneft and Gazprom Neft but will continue to buy oil from them. Let us tell you that crude from Russia was last imported by Indian Oil in April 2020 at Paradip port.
Tags: Crude oil, Crude oil prices, Petrol diesel price, Russia ukraine war
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