2024-05-01 12:03:24
New Delhi: India has been the largest buyer of Russian crude oil. India has a long-term oil purchase agreement with Russia. Many oil companies of India are involved in these agreements. India has maintained good relations with Russia despite Western pressure and bilateral trade is also at its peak. Since the Russia-Ukraine war, India has drastically increased its purchase of crude oil from Russia. At the same time, India had clearly told America that it can purchase oil from any country as per its need for its energy security. India has earned good profits without coming under the pressure of western countries. If India had not bought oil from Russia under pressure from Western countries, it would have suffered a loss of about $ 8 billion last year.Indian Oil released results, profit decreased in March quarter, gave the gift of dividend to investors.
India saved
ICRA Research reported that India saved an estimated $7.9 billion in oil imports in the 11 months of fiscal year 2023-24 ending March 31, compared to $5.1 billion in the entire 2022-23. This savings will result in a compression of India’s current account deficit-to-GDP ratio by 15-22 basis points in 2023-24. It said that if low levels of discounting are sustained, India’s net oil import bill could rise from $96 billion in 2023-24 to $101-104 billion in 2024-25, assuming average crude oil prices. The price is $85 per barrel.
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Russian oil share increased
Based on Commerce Ministry data, the note estimates that the share of Russian crude in India’s oil import basket will increase to about 36% during the period April 2023-February 2023, from about 2% in 2021-22. That’s a jump of 1700%.