ADVERTISEMENT
Daily Expert News
No Result
View All Result
Friday, February 3, 2023
  • Home
  • World
  • Economy
  • Business
  • Markets
  • Arts & Culture
  • Education & Career
  • India
  • Politics
  • Top Stories
Daily Expert News
  • Home
  • World
  • Economy
  • Business
  • Markets
  • Arts & Culture
  • Education & Career
  • India
  • Politics
  • Top Stories
No Result
View All Result
Daily Expert News
No Result
View All Result
  • Home
  • World
  • Economy
  • Business
  • Markets
  • Arts & Culture
  • Education & Career
  • India
  • Politics
  • Top Stories
Home Business

India’s Russian oil now buys 10% of total crude oil imports, government says

by Nick Erickson
June 23, 2022
in Business
126 7
0
NDTV News
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter
ADVERTISEMENT


Crude oil imports from Russia comprise 10 percent of India’s total crude oil purchases

New Delhi:

Crude oil imports from Russia have risen more than 50-fold since April and now make up 10 percent of all crude oil bought abroad, a senior government official said Thursday.

Russian oil made up only 0.2 percent of all oil imported by India before the war in Ukraine.

“Russian oil now makes up 10 percent of India’s oil import basket in April. It is now among the top 10 suppliers,” the official told reporters here.

As much as 40 percent of Russia’s oil has been bought by private refiners – Reliance Industries and Rosneft-backed Nayara Energy.

Last month, Russia overtook Saudi Arabia and became India’s second-largest oil supplier after Iraq, as refineries picked up Russian crude oil that was available at a huge discount after the war in Ukraine.

Indian refineries bought about 25 million barrels of Russian oil in May.

Crude oil of Russian origin accounted for 10 percent of total maritime imports into India for the first time in April, rising 0.2 percent in 2021 and the first quarter of 2022.

India, the world’s third-largest oil-importing and consuming nation, has long defended its purchase of crude oil from Russia after President Vladimir Putin ordered the invasion of Ukraine.

The Ministry of Oil said last month that “energy purchases from Russia remain minuscule compared to India’s total consumption.” Iraq remained India’s main supplier in May and Saudi Arabia is now the third largest supplier.

India has taken advantage of reduced prices to ramp up oil imports from Russia at a time when global energy prices have risen.

India is the third largest consumer of oil in the world after the US and China, more than 85 percent of which is imported.

After the invasion of Ukraine, there are now fewer buyers for Russian Ural crude oil, and some foreign governments and companies have decided to avoid Russian energy exports, and the price has fallen. Indian refineries have taken advantage of this, buying Russian crude at discounts of up to $30 a barrel.

In the past, the crude oil was disadvantageous because of the high freight costs.

ADVERTISEMENT
Tags: buysCrudeDailyExpertNewsGovernmentimportsIndiasOilRussiantotal

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
ADVERTISEMENT

Related Posts

Goldman Sachs, JPMorgan say Adani debt offers value to trading clients
Business

Goldman Sachs, JPMorgan say Adani debt offers value to trading clients

February 3, 2023
Energy company TotalEnergies says it will not reevaluate investments in Adani companies
Business

Energy company TotalEnergies says it will not reevaluate investments in Adani companies

February 3, 2023
Fitch says no immediate impact on Adani ratings after short seller report
Business

Fitch says no immediate impact on Adani ratings after short seller report

February 3, 2023
Adani Enterprises shares are down more than 20% and hit multiple trading stops
Business

Adani Enterprises shares are down more than 20% and hit multiple trading stops

February 3, 2023
Adani Group Pledges Stake Worth $13 Billion In Ambuja Cements And ACC
Business

Stock exchanges place 3 Adani group companies under short-term surveillance

February 3, 2023
Here
Business

Here’s how Budget’s 16% increase in excise tax on cigarettes will affect prices

February 2, 2023
ADVERTISEMENT
  • Trending
  • Comments
  • Latest
This optical illusion has a revelation about your brain and eyes

This optical illusion has a revelation about your brain and eyes

June 6, 2022
NDTV Coronavirus

Viral video: Chinese woman pinned down, Covid test carried out by force

May 5, 2022
NDTV News

TGIF Mood: Video of Bear Cub Dancing in the Forest Melts 2.5 Million Hearts

June 3, 2022
Hundreds In Sarees At UK

Hundreds of sarees at Britain’s Royal Ascot Horse Race to help Indian weavers

June 16, 2022
The shock of chopping up a Chanel bag

The shock of chopping up a Chanel bag

1
NDTV News

Watch: Researchers Discover the World’s Largest Factory in Australia

1
Skyrocketing global fuel prices threaten livelihoods and social stability

Skyrocketing global fuel prices threaten livelihoods and social stability

1
No Guns, No Dragons: Her Video Games Capture Private Moments

No Guns, No Dragons: Her Video Games Capture Private Moments

1
Please Click on allow

Photos from Australia’s ‘Training Pitch’ for India Tests Surface, netizens react | Cricket news

February 3, 2023
live news

Zelensky sees accelerated EU membership ahead of the Kiev summit, but is likely to be disappointed

February 3, 2023
UK Man Found Guilty In 2021 Attempted Crossbow Attack On Queen Elizabeth

British man found guilty of attempted crossbow attack on Queen Elizabeth in 2021

February 3, 2023
Meghalaya Woman Refuses

Meghalaya woman refuses “freebies”, “gifts” from election candidates

February 3, 2023
ADVERTISEMENT

Recent News

Please Click on allow

Photos from Australia’s ‘Training Pitch’ for India Tests Surface, netizens react | Cricket news

February 3, 2023
live news

Zelensky sees accelerated EU membership ahead of the Kiev summit, but is likely to be disappointed

February 3, 2023

Categories

  • Africa
  • Americas
  • art-design
  • Arts
  • Arts & Culture
  • Asia Pacific
  • Astrology News
  • books
  • Books News
  • Business
  • Cricket
  • Cryptocurrency
  • Dance
  • Dining and Wine
  • Economy
  • Education & Career
  • Entertainment
  • Europe
  • Fashion
  • Food
  • Football
  • Gadget
  • Gaming
  • Golf
  • Health
  • Hot News
  • India
  • Indians Abroad
  • Lifestyle
  • Markets
  • Middle East
  • Most Shared
  • Motorsport
  • Movie
  • Music
  • New York
  • Opinion
  • Politics
  • press release
  • Real Estate
  • Review
  • Science & Space
  • Sports
  • Sunday Book Review
  • Tax News
  • Technology
  • Television
  • Tennis
  • Theater
  • Top Movie Reviews
  • Top Stories
  • Travel
  • Uncategorized
  • Web Series
  • World

Site Navigation

  • Home
  • Advertisement
  • Contact Us
  • Privacy & Policy
  • Other Links

We bring you the Breaking News,Latest Stories,World News, Business News, Political News, Technology News, Science News, Entertainment News, Sports News, Opinion News and much more from all over the world

©Copyright DailyExpertNews 2022

No Result
View All Result
  • Contact Us
  • Home
  • Top Stories
  • World
  • Economy
  • Business
  • Opinion
  • Markets
  • India
  • Education & Career
  • Arts
  • Advertisement
  • Tax News
  • Markets

©Copyright DailyExpertNews 2022

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?