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India Vs Russia Oil Export Strategy : After the Russia-Ukraine war, India’s role in the world has changed. In 2022, after China, India was at number two in terms of buying oil. Now after a year, India has overtaken Saudi Arabia in terms of selling oil to Europe. India is exporting more than 3.5 lakh barrels or about 55 million liters of oil to Europe per day.
Phase-1: India used to buy 60% of its crude oil requirement from Arab countries.
On February 24, 2022, war broke out between Russia and Ukraine. Due to this, in March 2022, the price of crude oil increased to 140 dollars per barrel. Then the US announced to open its crude treasury to reduce the price of oil in the international market. At that time India used to buy 60% of its crude oil requirement from Gulf countries and only 2% of crude oil came from Russia.
Phase-2: America and Europe have imposed restrictions on buying oil from Russia
In March 2022, the US and Europe banned buying oil from Russia. But India ignored these restrictions. From April 2022, Russia started selling oil to India at a lower price than the international market.
In the entire year of 2021-22, India bought crude oil worth 18 thousand crore rupees from Russia, while in the first 6 months of 2022-23, India bought crude oil worth 89 thousand crore rupees from Russia.
America and European countries also pressured India not to buy oil from Russia. The G-7 organization of the world’s powerful countries has imposed a price limit on the purchase of oil from Russia. Despite this, India continued to buy oil.
Phase-3: India brought crude oil from Russia and refined it, then sold it to Europe
Due to the sanctions imposed on Russia, European countries stopped buying oil from it. Due to this there was a shortage of oil in Europe. Due to this, Western countries turned to other countries to fulfill their needs. India took great advantage of this.
According to ‘The Center for Research on Energy and Clean Air’, after April 2022, European countries have increased the purchase of oil from China and India.
Overall, India sent more refined oil to Europe than it sold to Saudi Arabia during this period.
Before the war, Europe used to buy 1.54 lakh barrels of refined oil per day from India. This figure increased to 2 lakh barrels per day after the outbreak of war and 3.60 lakh barrels per day in May 2023.
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