{"id":19015,"date":"2022-03-29T05:37:21","date_gmt":"2022-03-29T05:37:21","guid":{"rendered":"https:\/\/www.nsemgh.com\/?p=19015"},"modified":"2022-03-29T05:37:21","modified_gmt":"2022-03-29T05:37:21","slug":"why-india-is-buying-more-russian-oil","status":"publish","type":"post","link":"https:\/\/www.nsemgh.com\/2022\/03\/29\/why-india-is-buying-more-russian-oil\/","title":{"rendered":"Why India is buying more Russian oil"},"content":{"rendered":"
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After US and China, India is the third largest consumer of oil, over 80% of which is imported. In 2021, the country bought about 12 million barrels of oil from Russia, which is just about 2% of its imports.<\/p>\n

Russia is seeking to sell its discounted oil to new markets as Western sanctions choke the country’s economy – and India is taking advantage of these discounts.<\/p>\n

In January and February, India did not import any oil from Russia. But since then, orders for six million barrels have already been placed, says Kpler, a commodities research group.<\/p>\n

The Indian government says it is “still a drop, literally a drop, in a larger bucket” of its oil imports globally.<\/p>\n

After Russia invaded Ukraine, there were fewer buyers for Russia’s Ural crude oil, and its price has fallen.<\/p>\n

Analysts at Kpler say that while the exact price is not known, the Urals discount to Brent crude – which is the global benchmark for crude – widened to $30 per barrel.<\/p>\n

This depreciation in the price of Ural “means that India and China are likely to purchase at least some of this [Russian] crude at a significant discount,” says Matt Smith, an analyst at Kpler.<\/p>\n

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After US and China, India is the third largest consumer of oil, over 80% of which is imported. In 2021, the country bought about 12 million barrels of oil from Russia, which is just about 2% of its imports. Russia is seeking to sell its discounted oil to new markets as Western sanctions choke the […]<\/p>\n","protected":false},"author":8,"featured_media":19024,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_post_source_name":"","_post_source_url":"","footnotes":""},"categories":[61],"tags":[4294,7682,5499,7730,5196,9127,2264,12138,5440,8342,12897,5441,12103,3457,5217,5713,5180,6348],"class_list":["post-19015","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-and-india","tag-brent","tag-crude-oil","tag-depreciation","tag-economy","tag-february","tag-government","tag-import","tag-india","tag-indian","tag-kpler","tag-oil","tag-price","tag-russia","tag-russian","tag-sanctions","tag-ukraine","tag-us"],"blocksy_meta":[],"_links":{"self":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts\/19015","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/comments?post=19015"}],"version-history":[{"count":0,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts\/19015\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/media\/19024"}],"wp:attachment":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/media?parent=19015"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/categories?post=19015"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/tags?post=19015"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}