India saved $3.6 billion by importing discounted crude oil from Russia, in the 10 months after the outbreak of the war, a member of parliament said in December. Has buying Russian oil helped Indians pay less for fuel?. On Wednesday, Russian energy giant Rosneft announced a deal to "substantially increase" supplies to the state-owned Indian Oil Company following a visit to India by CEO Igor Sechin. In March, India imported from Russia 1.62 million barrels per day (bpd), 40 percent of its total oil imports, according to the International Energy Agency, up from around 70,000 bpd and just one percent of inflows before the war. Now, Russia is number one.įor isolated Moscow, India and China have become its top customers. Previously its main suppliers were in the Middle East. India is the world's third-largest crude consumer after the United States and China, and imports 85 percent of its needs.
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