Oil imports from Russia increased 50 times, 10 percent share in total imports, effect of offers at cheaper rates

Oil imports from Russia increased 50 times

Before the Ukraine-Russia war, Russia’s share in the oil imported by India was only 0.2 percent, which has now increased to 10 percent. Indian buyers are getting up to 30 percent discount through Russia.

India’s import of crude oil from Russia has increased by more than 50 times since April and its share in total imported oil has increased to 10 percent. A senior government official gave this information on Thursday. Ukraine-Russia war ,Russia Ukraine CrisisOils imported by India before (Crude OilRussia’s share was only 0.2 percent. An official told reporters that Russia accounts for 10 per cent of India’s oil imports in April. It is now one of the top 10 suppliers. 40 percent of Russian oil is owned by private companies – Reliance Industries (RIL) and Naira Energy has bought. Last month, Russia overtook Saudi Arabia as India’s second largest oil supplier. Russia has offered crude oil to India with huge discounts. Indian refinery companies bought about 25 million barrels of Russian oil in May.

Continued growth in oil purchases from Russia

Russia is offering crude oil to Indian buyers at very attractive rates. For this reason, there has been a sharp jump in the purchase of crude oil from Russia. Due to the exemption, the purchase of oil in the last about 3 weeks has increased by 31 times to $ 2.2 billion in comparison to last year. The report said that Russian businessmen are not only offering fuel at cheaper rates but their terms are also attractive. According to the source, Russian businessmen are also accepting payments in rupees and UAE dirhams. According to sources, in the last about 3 weeks, India has bought crude oil worth $ 110 million on an average from Russia. Which was an average of $ 31 million per day between February 24 and May 26.

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Not only oil, the purchase of coal also increased

Along with oil, now India is also buying coal in large quantities from Russia. According to information given by Reuters, the import of coal and its related products from Russia has increased 6 times in the last 20 days compared to last year. According to the report, Indian buyers have bought coal worth $330 million during this period. The report quoted sources as saying that Indian companies are getting discounts of up to 30 percent. Due to which Indian buyers have increased the purchase.