India In Oil Market: India is playing an important role in the global oil market by buying more and more cheap Russian oil. India is buying cheap Russian oil and is giving it to Europe and America. Still some countries are criticizing India as they believe that by doing so they (Western countries) are not succeeding in reducing Russia’s energy revenues.
Russia-Ukraine war begins. After this, a big change has been seen in the global oil market. Europe has increased restrictions on Russia, in such a situation, India is becoming a center in the global oil market. Ben Cahill of the Washington think tank Center for Strategic and International Studies said, "US Treasury officials have two main goals – keeping the market well supplied and reducing Russia’s oil revenues." They know that Indian and Chinese refiners can earn huge margins by buying cheap Russian crude and exporting the products at market prices. However, he has no problem with it. ”
Exports so much oil to US-Europe
According to data intelligence firm Kepler, India exported around 89,000 barrels per day of petrol to New York last month. and exported diesel, the highest in nearly four years. Exports of low-sulfur diesel to Europe were 172,000 barrels in January, the highest since October 2021. India’s importance is expected to increase after new EU sanctions on Russian petroleum exports come into effect on Sunday. India is dependent on imports to meet 85% of its crude oil needs.
Warren Patterson, Head of Commodity Strategy at Singapore-based ING Grope NV said, "India is a net exporter of refined products and much of this will help ease the current glut in the West.
India working under the rules
Under the EU guidelines, India is working within the norms. When Russian crude oil is processed into fuel in a country like India, these products can be distributed to European countries because they are not considered to be of Russian origin.
A spokesperson for the US National Security Council said. He said limiting Russia’s revenue could be leveraged by many countries, including India, to stabilize energy markets. Meanwhile, officials of companies from many countries including Saudi Arabia, United Arab Emirates, America are going to gather for a conference in Bangalore on Monday. This three-day energy summit is being organized by the Ministry of Petroleum and Natural Gas of India.
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