Taking advantage of the western sanctions on Russia following Russia-Ukraine conflict, India started to buy discounted oil from Russia in large quantities. And after refining the crude at home, it began to export to oil-starved Europe.
The Russia-Ukraine conflict has offered India an opportunity to boost purchases of discounted Russian oil. Crude imports from the sanctions-hit country jumped to $31 billion during the twelve months to March, 2023 from just $2.5 billion in the previous year, Indian government data show.
Europe's refined oil imports from India are predicted to exceed 360,000 barrels per day soon, helping to fill the gap left by the ban of Russian oil. This move, however, is benefitting Moscow, since record imports of cheap Russian crude oil have enabled Indian refiners to export diesel and jet fuel to Europe, thereby boosting demand for Moscow's barrels and but resulting in extra freight costs for Europe.
Record imports of cheap Russian crude oil in 2022-23 has enabled Indian refiners to export finished jet fuel and diesel products to Europe, according to reports tracking shipping data collated by Kpler and Vortexa. According to a Reuters report, Europe imported 154,000 barrels of oil per day from Indian refiners before the Russia-Ukraine war. Those imports surged to 200,000 after the European Union banned Russian oil on February 5, as per Kpler data.
The market research firm, Kpler further estimated that India's imports of Russian oil is slated to increase further and is expected to be over two million barrels a day amounting to nearly half of India's overall oil imports. No wonder, for while the rise in discounted oil import from Russia will keep the oil prices stable at home, it will also help India to earn more foreign currency through export of refined oil.
هذه القصة مأخوذة من طبعة July 1 - 31, 2023 من BUSINESS ECONOMICS.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة July 1 - 31, 2023 من BUSINESS ECONOMICS.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Deposit shortage: challenges facing India's banking ecosystem
In any macroeconomic framework, the household sector plays a critical role as a driver consumption, savings, and overall economic activity.
India's future dreams in Semiconductors & AI
A midst the gloom of the RG Kar affair or the Tirupati laddu scam or even the continued terrorist attacks in Jammu & Kashmir, even after the completion of the first general election in the state, we find hope and encouragement when the founder of Nvidia, Jensen Huang, in his recent visit to India says \"India will be a gigantic opportunity for us\".
The Ramayana: Justice and Modern Man
Consisting of Twenty-Four Thousand worthy Sanskrit verses, the Ramayana is one such epic, which provides a pathway to one committed to justice to establish himself as an ideal human being by following the exemplary life of its hero.
Vallabhbhai Patel: A Sardar of Farmers, A Matchless Social Reformer and the Maker of United India
Sardar Vallabhbhai Patel was instrumental in unifying the princely states to form the Union of India.
Understanding Prosperity: NOBEL Prize awarded for groundbreaking research on institutions and economic development
The Royal Swedish Academy of Sciences has awarded the Memory of Alfred Nobel to three US-based economistsDaron Acemoglu, Simon Johnson, and James A. Robinson\"for their studies on how institutions are formed and affect prosperity.\"
Sinking Resources: Groundwater crisis and sustainable solutions in Kolkata
Kolkata's underground water crisis is becoming a serious issue, driven by rapid urbanization and the construction of high-rise buildings.
Tourism Industry positively impacted by the festive season
Diwali transforms streets into a spectacle of festive lights, Diwali transforms streets into olis, and families gearing up for grand celebrations.
RBI's Shift to a Neutral Stance: Signaling a New Phase in Monetary Policy
For over a year, the Reserve Bank of India (RBI) has taken a firm stance against inflation, raising interest rates by 250 basis points between May 2022 and February 2023 in response to post-pandemic price pressures.
UK Budget
There _ he latest UK budget represents a departure from previous fiscal documents.
Han Kang's Historic Nobel Prize Win
The 2024 Nobel Prize in Literature has been awarded to T South Korean writer Han Kang, 53, known for her works including The Vegetarian, The White Book, Human Acts, and Greek Lessons.
