By Admin 
Amidst the war in the Middle East, Russia is ready to provide oil to India. About 95 lakh barrels of Russian crude oil is present in ships near Indian waters and could reach India within a few weeks. Reuters has given this information quoting an informed source in the industry. The source said that it can be delivered to India within a few weeks, which will provide immediate relief to the refineries.
The crude oil reserves in India are enough to meet the demand for about 25 days, while the refineries also have limited reserves of gasoline, gasoline and petroleum gas. An Indian government source said that New Delhi is looking for alternative supply sources in view of the ongoing war in the Middle East.
Crisis due to closure of Strait of Hormuz
According to sources, this war will have a deep impact on the market, because about 40 percent of India’s crude oil imports pass through the Strait of Hormuz, which is the world’s most important oil export route. Due to the almost closure of this route, the third largest oil consumer country is having to look for alternative routes.
‘Russia’s oil share increased again’
On condition of anonymity, an industry source said that Russia is ready to help India meet up to 40 percent of its crude oil needs. India’s Russian crude imports fell to about 1.1 million barrels per day in January, the lowest since November 2022, according to industry data. This happened because Delhi was trying to get relief from American tariffs, due to which Moscow’s share in total oil imports came down to 21.2 percent. The source said that in February this share increased to about 30 percent.
Last month, US President Donald Trump agreed to remove the tariffs imposed on India for buying oil from Russia. Trump had said that New Delhi has agreed to stop buying Russian oil. India has not done so and says that its strategy depends on market conditions and changing international developments.
read this also
Did Iran offer talks with America a day after the war? Shocking claim in reports