Russia got a big treasure of crude, opportunity for India too, tension of expensive oil will end

Big opportunity for India in 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.

Increasing oil business with Russia is going to prove to be a profitable decision for India. In fact, Russia’s giant Rosneft has announced that it will be buried in the Pechora Sea. Crude oil ,Crude) has been found in large reserves. This news is also very positive for India because India has invested in the Far Eastern parts of Russia.investment) Already done. With this, India remains a major ally in Russia’s oil purchases. In such a situation, there is every possibility that India will get the benefit of the new discovery made in Russia. The oil field is found in the arctic region. With this, it will take time to start the supply, although being an ally, India will get new opportunities from this discovery in future. At the same time, the tension of expensive oil will also end.

how big is the oil reserves

According to the information given by Russia, there can be 82 million tonnes of oil in this reserve. Rosneft informed that this reserve has been discovered during a drilling operation in the area. It has detected oil with a maximum flow rate of 220 square meters per day. According to the company, the quality of the oil is better. On the other hand, India wants to take advantage of the oil and gas generated in the Arctic region with the help of a new route. INSTC is an alternative to China’s BRI and offers a 25-day trade route from Russia as against the traditional 40-day trade route. That is, through this way India will be able to import goods in less time. Russia, Azerbaijan, Iran and India are included in this route.

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Russia is offering oil cheaply to India

India has emerged as an important ally of Russia in the crude oil business. Russia is selling oil to India at very attractive rates, that is why Indian businessmen are also buying heavily from Russia. According to a report released last month, 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. Before the Ukraine-Russia war, Russia’s share in the oil imported by India was only 0.2 percent. Private companies – Reliance Industries and Naira Energy – have bought 40 percent of Russian oil. 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.