Then, the amount of oil imports in August increased to 2 million barrels, which is much higher. In September, the amount of oil purchases increased by 10 to 20 percent.As a result, India now imports 40 percent of its oil from Russia. This shows how important Russian oil is for India.
India currently imports 40 percent of its crude oil from Russia alone.
Last July, India imported 1.6 million barrels of oil from Russia.
Why is India not stopping buying oil from Russia despite the imposition of 50 percent US tariffs? Find out the reason ?
Now a days, we all know that US President Donald Trump has imposed a 50 percent tariff on Indian products. So the question may arise, why is India not stopping buying oil from Russia despite such high tariffs .India is not only not stopping buying oil but is also increasing the amount of oil it is buying. The biggest reason behind this oil buying is said to be. The country’s peace and security, foreign policy, political interests and India’s own economic interests | And all these things, when viewed together, are helping to show a new direction to Indian foreign policy.
How long will India continue to buy oil from Russia?
(1) Most of the oil India buys from Russia goes to fuel. Also, Russian oil is much cheaper.
(2) The main reason for buying oil from Russia is that the price of oil per barrel is 8 to 10 billion dollars.
On the other hand, tensions are rising between India and the United States. India is looking for a better market as the 50 percent US tariff is taking its toll.
For example – India will send its own products to China, Japan, Russia and European countries. India’s economy has been greatly strengthened by importing cheap oil from Russia. Which is making the Indian economy stronger.