If India stops buying crude oil from Russia due to American pressure, the oil import bill can increase by about Rs 1 lakh crore. This will also increase the price of crude oil in the world.
Russian crude oil: Even after American pressure, India is buying crude oil from Russia. According to the CNBC-TV18 report, if India stops oil imports from Russia, crude oil prices may increase. It is necessary to buy India’s Russian oil to maintain the stability in prices.
Donald Trump has announced a fine due to buying Russian oil
US President Donald Trump has imposed 25% tariff on goods imported from India. It became effective from 1 August. He had announced to impose “additional punishment” on India for buying oil from Russia. However, there is no information yet how much penalty will be imposed.
India is the biggest customer of Russian oil
India is the largest buyer of Russian crude oil. China is second in this case. Russia exports around 45 million barrels of oil every day. Out of this, India buys about 2 million barrels. Russia produces 95 million barrels of crude oil daily. This is about 10% of the demand for oil around the world.
Oil price increased after Russia-Ukraine war started
After the Russia-Ukraine war began, the US banned Russia’s oil exports. This was feared that dandruff oil was out of the market. In March 2022, the price of crude oil reached $ 137 per barrel. At that time India increased oil imports from Russia. This led to stability in oil prices in the world.
India is the third largest oil importing country
India is the third largest oil importing country in the world. If India is forced to distance away from Russian oil, the import bill could increase to $ 9-11 billion (Rs 78687-96174 crore). In the last financial year, India spent more than Rs 1.14 lakh crore on import of crude oil. It was cleaned and fuel like petrol and diesel was prepared.
Russia was the world’s second largest crude oil producer
Russia was the second largest producer of crude oil, condensate and dry natural gas in the world. It was the third largest exporter in the world of coal and natural gas in 2023. Many countries imposed restrictions on Russia after Ukraine was attacked in 2022. Russia’s energy sector was targeted. According to Ristad Energy, till 1 January 2024, Russia’s certified oil reserves were 58 billion barrels. In 2023, Russia’s certified natural gas reserves were 1,559 trillion cubic feet (TCF).