Russia’s Dominance In The Indian Crude Oil Market To Continue In 2023

For several years, India has been importing crude oil from Iran and Saudi Arabia, which serves as the raw material for diesel and petrol.

India further imports crude oil from Russia. Following the Russian attack on Ukraine in 2022, the EU and NATO nations reportedly imposed economic sanctions.

Likewise, following instructions from the US, its allies reportedly cut off ties with Russia. But India, America’s ally, has maintained friendly relations with Russia for years. In this context, India has been importing crude oil from Russia, irrespective of the US opinion.

Especially for the past year, India has been importing more crude oil from Russia than before. To what extent has India started importing more oil from Russia than from Saudi Arabia and Iran, which have been the most significant importers of crude oil until now?

Last year, Russia was the top supplier of crude oil to India. This continued in December last year. Experts have to say that Russia will be leading India’s crude oil imports in 2023 too. They further predict that this trend will continue in the first three months of 2023. India is the fastest-growing country in the world. It is also the second-most populous nation in the world, following China, importing many commodities, including fuel, from several countries.

Owing to this, several countries and international firms are earning significant revenue. Iran and Saudi Arabia have made billions of dollars by exporting crude oil to India. So many nations are trying to improve and establish trade relations with India.

India expressed the “deepest” concerns over the Ukraine war and said it supported peace. And right from the beginning, India has been striving to negotiate.

References: Economic Times, Business Standards

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Source: Maritime Shipping News