Russian oil supplies to 'friendly' India have increased 22 times
By Anish Kumar | First Published Mar 28, 2023, 2:32 PM ISTEarlier, India used to import more crude oil from Saudi Arabia and the United States. Now, the oil import from Saudi Arabia has reduced by 16 per cent month-on-month and that from the US by 38 per cent.
Acknowledging the challenges being faced by the Russian energy industry in the wake of its military operation against Ukraine, Russian Deputy Prime Minister Alexander Novak on Tuesday said that oil supplies to New Delhi have increased 22-fold last year.
Considering the challenges being faced due to Western sanctions, Novak said Russia needs to focus on boosting energy exports to 'friendly' countries. In March, Russia started slashing oil production by 500,000 barrels per day. It later decided to extend it further till June.
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According to the deputy prime minister, the decision was taken to target reduced discounts and stability in the supplies to global markets. In February, it used to produce 10.2 million barrels daily, and now it has reduced to 9.7 million barrels per day.
Moscow supplied a total of 67 million metric tonnes of oil to Beijing in 2022. In February, India had imported 1.6 million barrels of crude oil per day from Russia, while in January it received 1.4 million barrels per day from Moscow.
Prior to the Russia-Ukraine conflict that began in February last year, India's import basket was less than one per cent from Russia, but now that figure has risen to 35 per cent. Earlier, India used to import more crude oil from Saudi Arabia and the United States. Now, the oil import from Saudi Arabia has reduced by 16 per cent month-on-month and that from the US by 38 per cent.
Russia's invasion of Ukraine is now nearing 400 days with no concrete solutions. Russian President Vladimir Putin has stated that Western criticism will not influence Moscow's plans to deploy tactical nuclear weapons in neighbouring Belarus.
The United Nations Security Council (UNSC) has rejected a resolution by Russia calling for an independent inquiry into September’s explosions at the Nord Stream gas pipelines.
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