India Oil Strategy : Relief for India in fuel price hike crisis; Oil purchases from Russia increased

• India increased oil purchases from Russia
• Ships headed for China headed for India
• 7 ships will arrive in India

India Russian oil imports: New Delhi: A ship carrying Russian oil to China has taken a U-turn towards India from the South China Sea. Sources said the ship was diverted to India as India started increasing its oil imports from Russia. The ship ‘Aqua Titan’ will now reach New Mangalore on March 21. India has taken this decision when America is worried that India will increase its oil purchases from Russia.

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Indian oil refiners have bought large quantities of Russian oil. The aim is to help the country deal with the oil shortages in the Middle East caused by the Iran war. Many countries have been allowed to resume buying oil from Russia. This has paved the way for more oil to be diverted from China to India.

In the past few months, while India has reduced its oil purchases from Russia, China has emerged as Russia’s largest buyer. Oil prices are likely to rise as other countries, including Japan and South Korea, increase their purchases from Russia. India stopped buying oil from Russia due to US pressure. India was getting oil from Russia at a discount. So India was getting a big benefit.

Due to the Iran war, the US allowed India to buy oil from Russia again, now the way has been cleared for India to buy oil from Russia. Due to this decision, as soon as India decided to buy oil from Russia, Russia has sent a consignment of oil to India. But, will Russia now give oil to India at a discount? This is the question.

7 ships of Russia will come to India

According to Vortexa Limited, at least seven tankers carrying Russian oil made a U-turn from China to India. Now, all major Indian companies are active in buying Russian crude oil. According to Kepler, the tanker is carrying Kazakh CPC Blad crude oil. The ship left the Russian Black Sea port of Novorossiysk and reached Rizao, but turned back in early March and headed for India.

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