Importing Crude oil from Russia could be advantageous to India and the world Economy

According to India's top oil corporation, Oil and Natural Gas Corporation, importing Russian crude benefits both India and the global economy.

Read More : Crude oil prices are still rising: What are the most important factors?

India's imports from Russia have also benefited the world economy since they have allowed other nations, particularly Europe, to obtain some of the oil that was previously in the Gulf of Mexico. K.C. Ramesh, executive director of ONGC, stated this during the annual APPEC energy conference hosted by S&P Global Insights in Singapore. As a result, it was sort of a win-win situation.

Moscow fulfills 40% of the India's crude imports

Russian oil has been in high demand by India's refiners ever since Russia invaded Ukraine in February of last year. Since then, Moscow has advanced to take the lead as India's top crude oil supplier, providing approximately 40% of the country's crude imports.

Since Russia's unprovoked invasion of Ukraine, major world powers, particularly the European Union and the Group of 7, have imposed sanctions and limits on Russia's oil exports.

The reduced rates have benefited India's economy, according to Ramesh.

The price we receive from Russia is extremely acceptable, and it [has] a very significant impact on our economy in terms of assisting the [Indian] economy's growth, according to Ramesh.

The West has criticised India's acquisition of cheap Russian crude in great detail. Josep Borrell, the top ambassador for the EU, encouraged the organization to take action against India's resale of refined Russian oil into Europe in May.

India as the 3rd largest energy importer in the world

India purchases over 80 percent of its crude oil from international markets, making it the third-largest energy importer in the world. S&P Global figures from July show that the Middle East and Russia are the main sources of crude oil for India.

At a different panel discussion, Fereidun Fesharaki, chairman of energy consultant Facts Global Energy, claimed that God had given India many things, but no resources. Limited supplies of petrol and oil are available, he added.

However, India is also making investments in upstream prospects in the oil sector. Ramesh stated that we only want to make a small investment in survey and exploration over the next three years, at a cost of roughly $44 billion.

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