India is the world’s third largest oil importer and consuming country and imports about 85 per cent of its oil requirement. Since the announcement of the attack on Ukraine, India has been continuously defending Russia over its oil purchases.

New Delhi, Pretr. India’s oil imports from Russia have increased 50 times since April. According to a senior official, now the share of Russia in India’s total crude oil imports has increased to 10 percent. Russia’s share of total oil imports before the Ukraine war was 0.2 percent.

The official said on Thursday that now Russia has joined India’s top-10 oil suppliers. Private companies Reliance Industries and Rosneft’s Naira Energy have held nearly 40 per cent stake in Russian oil purchases. Last month, Russia overtook Saudi Arabia in terms of oil exports to India and became the second largest supplier. Iraq is the largest oil supplier country to India. Due to the war with Ukraine, Russia is selling oil to India at a huge discount. In May, Indian companies bought 25 million barrels of oil from Russia.

The price of crude oil is increasing in the international market

India is the world’s third largest oil importer and consuming country and imports about 85 per cent of its oil requirement. Since the announcement of the attack on Ukraine, India has been continuously defending Russia over its oil purchases. Last month, the oil ministry said Russia’s purchases of energy products were too low compared to total consumption. India is buying oil from Russia at a cheaper rate at a time when crude oil prices are increasing in the international market. However, it was not very rational for India to buy oil from Russia before the war due to high transportation costs.