New Delhi
For many years, India used to import crude oil, which is the raw material for petrol and diesel, from Saudi Arabia and Iran.
India also imports crude oil from Russia. Following Russia’s attack on Ukraine last year, NATO countries and the European Union imposed economic sanctions on that country.
Similarly, following the instructions of the US, many of its allies cut off trade ties with Russia. But America’s ally, India, has been maintaining friendly relations with Russia for many years. In this context, India is importing crude oil from Russia regardless of US opinion.
Especially for the last one year, India has been importing more crude oil from Russia than before. To what extent India has started importing more oil from Russia than from Iran and Saudi Arabia, which have been the largest importers of crude oil so far.
Last year too, Russia was the top supplier of crude oil to India. This situation continued in the month of December 2022. Experts have opined that Russia will lead India’s crude oil imports in 2023 as well.
They predict that this trend will continue in the first 3 months of this year as well. India is considered to be the fastest growing country in the world. India, the second most populous country in the world after China, imports many commodities, including fuel, from various countries.
Due to this, many countries and international companies are earning huge revenue. Especially by exporting crude oil to India, the countries of Saudi Arabia and Iran earned several billion dollars worth of income. So many countries are trying to improve and establish trade relations with India.
what to buy crude oil India expressed “deepest” concern over the ongoing war in Ukraine and said it was on the side of peace. And since the beginning, India has been trying to negotiate.