Western countries need not advise on India’s oil imports : India hits out

New Delhi – India retaliated over Western countries’ raising concerns regarding the issue of buying oil from Russia. India hit out at the West saying legitimate energy transactions should not be politicised, countries with oil self-sufficiency or those importing themselves from Russia cannot credibly advocate restrictive trading. India is highly dependent on imports for meeting its energy requirements. Nearly 85% of our crude oil requirement (5 million barrels a day) has to be imported, a source said.

Discounted crude oil from Russia: Oil-sufficient countries need not advise on Russian imports, says Indiahttps://t.co/q0Ym6vVmDU

— The Indian Express (@IndianExpress) March 19, 2022

1. Indian Oil Corporation (IOC), the country’s top oil firm, has bought 3 million barrels of crude oil that Russia had offered at a steep discount on prevailing international rates. It is for the first time that India has purchased through business transactions after Russia attacked Ukraine. Russia has so far exported 360,000 barrels of oil daily to India in March alone, nearly four times the 2021 average.
2. Most of the imports are from West Asia (Iraq 23%, Saudi Arabia 18%, UAE 11%). The US has also now become an important crude oil source for India (7.3%)