June 7, 2023

Great Indian Mutiny

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Russia’s oil consumption increases tenfold after war in Ukraine India | World | The world

The Ten acquisitions are multiplied It went from 1% to 10% of its purchases from April, making it the second largest crude supplier to Russia, thanks to the generous discounts New Delhi has been getting since its inception. Last February 24.

Since last April, Russia’s oil purchases have fallen from less than 1% to 10% or 12%. “Sometimes more, sometimes less, this is a more volatile sum, this is not a fixed number”, A senior Indian government official, who did not want to be named, said.

Thus, India imported less than 100,000 barrels of oil (bpd) of oil per day until February this year, up from about 388,000 in April and 900,000 in May, or about 25 million barrels in 30 days, more than 15. % Of total crude oil imports.

Analysis agency data KplerAs cited by several analysts, these acquisitions are estimated to exceed one million barrels a day of crude oil by the end of June.

As of February this year, most of India’s imports came from Iraq (23%), Saudi Arabia (18%), the United Arab Emirates (11%) or the United States (7.3%).

Current data indicate that Moscow is taking a significant leap and in a few months, has become the second largest oil supplier to India.

With a population of over 1.4 billion, India consumes about five million barrels of crude oil a day, of which 85% and 50% are imported natural gas, according to data from the Indian Ministry of Oil.

Acquisitions are on the rise, though the Indian government said in a statement in early May “Russia’s energy purchases are small compared to India’s total consumption”.

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Despite pressure from Europe and the United States, India has defended its willingness to take advantage of Russia’s discount on fossil fuels, meet the needs of its vast population and mitigate the impact of the global crisis caused by rising prices.

“We are not going to tell people that they are going to buy Russian oil. We are asking them to go buy oil to buy the best oil available in the market.The Indian Foreign Minister said in a forum recently. S. JaisankarFaced with reports that the government is pressuring Indian companies to buy Russian energy.

India is the third largest oil consumer in the world after the United States and China, and although this country’s per capita consumption represents one-third of the world’s average consumption, its growth and economic growth prospects for the next decade point to its increase. Request.

“India’s demand will continue to increase over the years and will continue to increase despite efforts to use renewable energy. Termination of contracts with suppliers is suicidal.” For this country, the senior official said.