India bought 50 times more crude oil from Russia, reached 10% of total imports: Officials

India’s import of crude oil from Russia has increased by more than 50 times in the current financial year. With this, the share of Russia in the total crude oil through imports increased to 10 percent. A senior government official gave this information on Thursday. Let us tell you that Russia’s share was only 0.2 percent in the crude oil that India used to import since the start of the Russia-Ukraine war. News agency PTI quoted the official as saying, “Russia accounted for 10 percent of India’s oil imports in April. Russia is now among the top-10 countries supplying crude oil to India.” About 40 percent of Russian oil is two. Private companies – Reliance Industries and Naira Energy have bought. Russia was the second largest supplier of crude to India last month and it overtook Saudi Arabia in this matter. India bought the most oil from Iraq last month. One of the major reasons behind buying large quantities of oil from Russia is that after the Ukraine war, Russian oil is available at a cheap price. Indian refiners bought about 25 million barrels of Russian oil in May.

India is the world’s third largest importer and consumer of crude oil. After Russia’s invasion of Ukraine, Western countries started breaking their ties with Russia, then Russian oil prices fell. Despite pressure from Western countries, India has always defended its decision to buy oil from Russia. “Energy purchases from Russia are very low compared to India’s total consumption,” the oil ministry said in a statement last month. India has decided to increase import of oil from Russia at cheaper prices at a time when fuel and gas prices are rising across the world. Explain that India imports about 85 percent of its oil requirement from abroad.