Russia's Ukraine war has changed many equations and it's having an impact on the world. One such changed equation is the export and import of oil. According to a recently published report by Kpler - an analytical firm, India is considered a top supplier of refined oil to Europe in April. India export 360,000 barrels of oil per day to Europe, little more than what Saudi Arabia used to do and thus Europe is now more dependent on India for refined Oil.
Once a time Russia was the largest supplier of oil to Europe and therefore it was convenient and affordable for European nations to buy oil from Russia. Russia Ukraine war led to sanctioning of Moscow's oil economy. This put various restrictions on European countries importing oil from Russia. The pressure of other Western countries like the US made European countries ban their oil imports from Russia. But India didn't come under the pressure and influence of other countries and kept buying crude oil from Russia.
India has set a record of buying crude oil from Russia. It is about two million barrels per day which is 44% of overall oil imported from Russia. In 2023, Russia become the major supplier of crude oil to India when it started exporting oil at discounted rates. For now, India is a major supplier to Europe and still buying crude oil from Russia, India said that it will prioritise the interests of its citizens and look for all options.
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