Current Affairs Classes Pre cum Mains 2025, Batch Starts: 11th September 2024 Click Here for more information
Source: The post is based on the article “India seen overtaking China as biggest importer of seaborne Russian crude” published in Business Standard on 27th July 2022.
What is the News?
India is understood to have overtaken China as the top destination for seaborne Russian crude oil this month. This is the first time Indian imports of seaborne Russian crude have exceeded those from China.
Note: Russian crude oil travelling through pipelines is not included in this study. However, it is estimated to be only around 10 to 20% of all crude oil flowing out of Russia.
Why has India ramped up Russian oil imports?
Russia has emerged as one of India’s top three crude oil suppliers since the war broke out.
The invasion unleashed sanctions by the United States and Europe, prompting Russia to offer discounts of around $30 a barrel on the Urals.
Hence, India has taken advantage of discounted prices to ramp up oil imports from Russia at a time when global oil prices are rising.
