Import Of Crude Oil From Russia In India Increased

Import of crude oil from Russia in India increased by 18% increase in July: Crude Import.

There has been an increase in the import of crude oil coming from Russia to India. The import of Russian crude has become about 18 percent of the country’s total petroleum crude oil imports.

The Central Commerce Ministry gave this information. According to the data, India imported Russian petroleum crude worth $2.88 billion in July, which is 0.4 percent less than the $2.89 billion in June.

However, with India’s crude oil imports falling by more than $1 billion in June-July, the rate of import of Russian oil fell to 17.9 percent, from 16.8 percent in June.

At present, the import data for the month of August is not available yet.

Provisional data for trade in August, released on September 14, showed imports of petroleum, crude oil, and products rose to $17.7 billion from $16.11 billion in July last month.

The growth in Russian oil imports in recent months has been remarkable and the Indian government has taken advantage of Moscow’s discounts on crude.

Last week, Finance Minister Nirmala Sitharaman praised PM Modi for taking the decision to increase oil imports from Russia despite international sanctions following the attack on Ukraine in February.

Finance Minister Nirmala Sitharaman had said that earlier we used to import only 2 percent crude oil from Russia, which has increased to 12-13 percent in the last few months.

“I credit Prime Minister Modi’s political acumen for ensuring that we maintain our good relations with all countries and yet we are getting fuel from Russia to date,” the finance minister said.

Top Russian oil company earns record profit defying US sanctions.

Defying US sanctions, top Russian oil producer Rosneft on Thursday reported a 13 percent increase in half-year net profit to 432 billion rubles ($7.22 billion).

Russian oil companies have faced Western sanctions after an attack on Ukraine that disrupted Russia’s global trade and trading system.

According to a report by the news agency, Rosneft Chief Executive Igor Sechin said in a statement that the company has managed to perform well despite unprecedented pressure from adverse external factors and illegal sanctions.