India has taken an important strategic step regarding the supply of crude oil. Indian Oil Corporation (IOC) has started diversifying crude oil sourcing amid increasing international sanctions on Russia and global supply uncertainties.

In this series, IOC has purchased crude oil from Colombia for the first time.

This deal has been done under the alternative supply agreement with Colombia’s government company Ecopetrol. IOC has purchased 2 million barrels of Castilla Grade crude oil, delivery of which is expected by the end of February.

So far the IOC’s dependence has been mainly on Russia and the Middle East.

According to Kpler, India’s Russian oil imports may decline to 12 lakh barrels per day in December. This change reflects India’s energy security strategy.

India’s Crude Import Price Falls: Crude oil prices imported in India have been the biggest decline in the last five years. Crude oil imports in the country are currently being spent on an average of $ 70 per barrel. This is the first time after 2021 when it has to pay so little money over crude oil. On Monday, Bent Crude went below $ 65, after which people can get relief in the price of petrol and diesel.

Hindustan Times said in its report that an average of $ 69.39 per barrel on import of crude oil on Friday, which is 22 percent less than $ 89.44 in April last year. The official data has not been updated yet because Monday was a holiday due to Andbekar Jayanti.

HT has quoted its sources as saying that due to decrease in global speed in the coming days and decrease in demand between trade war, crude oil prices may be further reduced.

In this, this information has been revealed by quoting the executive of the oil firm and the experts of this region. India imports more than 87 percent of its processed crude oil. Also, crude oil is the major raw material in the refining business, which is about 90 percent of the total cost.

Reuters said in their report on Monday that Goldman Sachs has expected the average price of crude oil to remain at $ 63 per barrel this year. In this, he has further said that OPEC, an organization of oil export countries, has estimated the decrease in oil demand for this year and next year.

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