India imported $2.8 billion worth of crude oil from Russia in July

Quick Summary:

In July, India became the second-largest buyer of Russian crude oil, importing $2.8 billion worth, significantly increased from pre-Ukraine war levels.

This shift occurred after Russian oil became available at discounted rates due to European sanctions.

India now relies on Russia for almost 40% of its crude oil imports, with China being the largest importer.

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Article Details

Author / Journalist: PTI

Category: EconomyBusiness

Markets: IndiaBangladeshChinaSouth KoreaMaliTaiwanTurkeyUkraine

Topics: India oil purchases Global oil market China oil imports Oil price cap policy Centre for Research on Energy and Clean Air (CREA) India imports crude oil Crude oil suppliers Oil importing nations Russia oil imports Russian oil discount

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-15 @ 20:48:22 (8 hours ago)

News Timezone: GMT +5:00

News Source URL: timesofindia.indiatimes.com

Language: English

Article Length: 1007 words

Reading Time: 6 minutes read

Sentences: 34 lines

Sentence Length: 30 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Times of India

News ID: 22087570

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Official Website: timesofindia.indiatimes.com

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