Amid the Ukraine-Russia war, India is buying lots of oil and coal from its ‘friends’

India Oil Import: India is dependent on imports for its crude oil needs. India imports 80 percent of its requirement. India is the third largest country in terms of crude oil purchase. India has bought the most oil from Russia. India imported crude oil worth $ 2.8 billion from Russia in July New Delhi, August 15 (Language) India, the world’s third largest oil consumer and importer, bought crude oil worth $ 2.8 billion from Russia in July. 

India ranks second after China in terms of oil imports from Russia. According to a report, Russia has emerged as the largest supplier of crude oil to India. This oil is converted into fuels like petrol and diesel in refineries. Russian oil was available at a discount after some European countries refrained from buying from Russia after the invasion of Ukraine in February, 2022.

Impact of war 

Crude oil imports from Russia were less than one per cent of total imported oil before the Ukraine war. It has now increased to nearly 40 per cent of India’s total oil purchases. The Center for Research on Energy and Clean Air (CREA) said in a report that China bought 47 per cent of Russia’s crude oil exports, followed by India (37 per cent), the European Union (seven per cent) and Turkey (six per cent).

Not just oil, China and India also bought coal from Russia. According to the report, from December 5, 2022 to the end of July, 2024, China bought 45 percent of Russia’s total coal exports, followed by India (18 percent). Turkey (10 percent), South Korea (10 percent) and Taiwan (five percent) are the top five buyers.