India has once again made Russia realize its intimacy to the whole world. India has shown that Russia will not leave India. That too at a time when America’s Russia has a constant eye on Russia. America can impose a tariff of 500 percent on those countries who are trading with him. Just say that it is buying crude oil. In fact, according to Petroleum and Natural Gas Minister Hardeep Puri, continuous crude oil imports from Russia have contributed to global energy pricing stability.
He has said that by shutting down Russian oil trade, crude oil prices would have reached above $ 120-130 per barrel. After the Russia-Ukraine conflict, India continued to purchase oil from Russia when the US and Western countries banned Moscow. In fact, India has increased the import of crude oil from Russia. Due to which Russian oil is going from India to those countries who have imposed restrictions on Russian crude oil. India is becoming a big importer of refined petroleum products due to Russian crude oil. Let us also tell you what kind of talks did the Petroleum Minister talk about this in detail…
Oil prices $ 130 a barrel?
- According to an ANI report, Puri highlighted the important role of Russia as a major crude oil producer, producing more than 90 million barrels per day.
- He said that due to sudden reduction of 90 lakh barrels of global supply of about 970 lakh barrels, there would have been a impractical decrease of more than 10 percent in consumption worldwide.
- He claimed that oil prices would have been more than $ 120–130 per barrel due to such disruption, as consumers around the world competed for limited supply.
- He said in Vienna, imagine what would have happened if this oil, which is about 10 percent of the global oil supply of about 970 lakh barrels, disappeared from the market.
- He further explained in detail that this would make the world forced to reduce its consumption, and since the consumers ran after low supply, prices would exceed $ 120–130.
Was there not a ban on Russian oil?
Instead of implementing comprehensive sanctions, the international community imposed a price limit on Russian oil. He praised India’s role in dealing with the energy crisis and said that there was never a global ban on Russian oil. The intelligent decisionrs from all over the world were aware of the realities of the global oil supply chain and also knew that India was helping the global market by purchasing oil at a discounted rate under the price limit. Addressing India’s critics of India’s Russian oil imports, Puri said that some commentators improperly criticize Indian policies without properly understanding the functioning of the energy market.
India needs how many crude oil daily
Currently, India is dependent on imports for 80 per cent oil requirements and 50 per cent of natural gas consumption. To meet its energy requirements, India has diversified its sources by purchasing oil and gas from many international suppliers. As the world’s third largest energy consumer, India requires about 54 lakh barrels of oil per day. Currently, the number of International Suppliers of India has been more than 50. At the same time, Russia oil stake in India’s crude oil basket has reached 44 percent.