India imported crude oil worth $2.8 billion from Russia in July, claims report
Russian Oil Import: According to a report, Russia has emerged as the largest supplier of crude oil to India. This oil is converted into fuels like petrol and diesel in refineries. Russian oil was available at a discount after some European countries refrained from buying from Russia after the invasion of Ukraine in February, 2022.
India, the world's third-largest oil consumer and importer, bought crude oil worth $2.8 billion from Russia in July. In this respect, India is second only to China, which remains the largest importer of Russian oil.
According to a report, Russia has emerged as the largest supplier of crude oil to India. This oil is converted into fuels like petrol and diesel in refineries. Russian oil was available at a discount after some European countries refrained from buying from Russia after the invasion of Ukraine in February 2022.
Crude oil imports from Russia were less than one percent of total imported oil before the Ukraine war. This has now increased to nearly 40% of India's total oil purchases.
The Center for Research on Energy and Clean Air (CREA) said in a report that China bought 47% of Russia's crude oil exports, followed by India (37%), the European Union (7%), and Turkmenistan (6%).
Not just oil, China and India also bought coal from Russia.
According to the report, "From December 5, 2022, to the end of July 2024, China bought 45% of Russia's total coal exports, followed by India (18%). Turkmenistan (10%), South Korea (10%), and Taiwan (five%) are the top five buyers."
