2023-10-20 12:31:43
RIndia to increase crude oil imports from China Two-fifths of the total imports are oil from Russia. India also imported the largest amount of oil from Russia during the April-September period. After the Russia-Ukraine war, Western countries reduced their oil imports from Russia. With this, India started buying oil at relatively low prices.
India imported 1.76 million barrels of oil per day from Russia during April to September. India imported 7.8 lakh barrels per day from Russia during the same period last year. After Russia, India buys the most oil from Iraq and Saudi Arabia. India imported 9.25 lakh barrels per day from Iraq and 6.07 lakh barrels from Saudi Arabia during the April-September period. Total imports from the Middle East fell by 28 percent during this period.
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India is the third largest importer of oil in the world. Saudi Arabia, the world’s largest oil producer, has decided to cut production to raise oil prices. In this situation, it is indicated that India may consider more possibilities of getting oil at a lower price.
India also buys oil from the Commonwealth of Independent States (CIS), which includes Azerbaijan, Kazakhstan and Russia. Oil imports from OPEC are at a 22-year low.
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