Crude Oil: Russia played a big game in India, beating Saudi a big player
Crude Oil: Russia is continuously making its entry into the Indian oil market by selling oil at a cheaper rate. More recently, Russia has also left behind Saudi and OPEC countries in terms of oil supply. Let us tell you that till 2021 last year, Saudi Arabia was second in supplying oil to India. At the same time, Russia was ranked ninth in this matter.
Tough Competition in Indian Market:
The competition in the Indian oil market has increased a lot in the last few months. It is seen that Russia has left behind Saudi Arabia as well as many other OPEC countries in terms of oil. This is because of cheap oil by Russia. Russia has emerged as a major exporter in India’s oil market due to the Russo-Ukraine war. It is worth noting here that India is the largest oil importing country in the world.
Russia becomes number 2 in oil supply
According to the report published by Bloomberg, the Indian government has bought Russian oil at a cheaper price than Saudi Arabia’s oil from the first quarter of this year i.e. from April to June. At the same time, in May 2022, a discount of up to $ 19 dollars per barrel was being given to India on Russian oil.
At the same time, in June 2022, Russia has overtaken Saudi Arabia to become India’s second largest oil supplier. Iraq is currently number one in terms of oil supply.
India is getting big economic relief:
Let us tell you that India is dependent on imports to meet its energy needs. 85% of the total oil in the country is imported from abroad. Right now India is getting oil from Russia at a very low price, due to which India has got some economic relief. This has a positive effect on the economy of the country.
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