Ever since the war between Russia and Ukraine started, India is buying cheap oil from Russia. After all, why is India so attached to Russian oil, what is the reason behind it? Let's know a little...
India's answer to the search for a big 'opportunity in disaster' is the Russia and Ukraine war. Despite the refusal of the western countries, India did not listen to anyone and kept buying crude oil from Russia cheaply. However, Russia also benefited from this and the trade of crude oil helped Russia in saving the economy from the sanctions imposed on it due to the war. But is cheapness the only reason for India's attachment to Russian oil, or is there something else behind it…
India is the third largest consumer of crude oil in the world. India imports 85 percent of its crude oil requirement. The biggest importers of crude oil from India are only America and China. For a long time, the Gulf countries of West Asia have been the most important source of crude oil for India, and now Russia has become number one in this matter.
2576 lakh liters of crude oil comes from Russia
According to a news from ET, when Russia became isolated in the world, India and China helped it by becoming customers. Now it is a matter of how much crude oil India buys from Russia, then it has a complete math. First of all, let us tell you that in March, India imported 16.2 lakh barrels of crude oil every day.
This is about 40 percent of India's total crude oil imports. If we calculate it in liters, then 159 liters of crude oil comes in one barrel. That is, India imported 2576 lakh liters of crude oil from Russia every day.
Mukesh Ambani's connection with Russian oil
Actually India is the fourth largest petroleum refiner country in the world. There are 23 refineries in India which refine 249 million tonnes of crude oil every year. Petrol, diesel, kerosene and petroleum jelly are separated from crude oil in the refinery itself. It is from this that the raw material for making plastic is prepared.
Asia's richest man Mukesh Ambani's Reliance Industries also operates a refinery in Jamnagar, Gujarat. This is the world's largest petroleum refinery. Reliance Industries has also increased the purchase of Russian crude oil due to its cheapness.
According to data from cargo tracking company Vortexa, Reliance alone buys about 45 percent of Russian crude oil coming to India. While Russia's Rosneft has a 49 percent stake in India's second largest refinery 'Nyara'.
Petrol and diesel are made and sent to Europe
After buying cheap crude oil from Russia, India converts it into petrol and diesel. After that this oil is sold back to Europe and other parts of the world. Petroleum exports from India to European Union countries have increased by 20.4 percent between April and January. It has reached about 1.16 crore tonnes.
Due to the economic sanctions imposed on Russia due to the Russia-Ukraine war, European Union countries cannot take oil from Russia. But the oil that is refined from India does not come under this purview. That's why the new way to reach petroleum in European countries now goes through India.
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