us President Donald Trump on Wednesday announced a 25 percent tariff on India. Trump has also announced a separate penalty on India to trade with Russia. Before the war that started with Ukraine, India used to buy only 0.2 percent of its total imported crude oil from Russia. However, India is now importing 35-40 percent crude oil from Russia. In addition, India’s dependence on Russian crude oil has increased. Let us tell you that there was a time when India used to buy most of its oil from West Asian countries including Iraq and Saudi Arabia. However, the situation changed after the war began between Russia and Ukraine in February 2022.
India purchased fierce crude oil on exemption from Russia
After China and the US, India, the world’s third largest crude oil importer, started buying Russian oil available at exemption. Some people in the West stopped buying Russia’s crude oil as a means of punishing Russia for invasion of Ukraine. Russia’s market share in India’s imports was only 0.2 percent before the Russia-Ukraine War began, but now Russia has overtaken Iraq and Saudi Arabia and has become India’s largest crude oil supplier. Its stake had reached 40 percent at a time.
India ordered 36% crude oil from Russia in July
This month, Russia supplied 36 percent of the total crude oil imported by India, making fuel like petrol and diesel. Announcing 25 percent tariffs or taxes on all Indian products going to the US, Trump said that India ‘has always been buying most of its military equipment from Russia, and with China, Russia’s biggest energy is the buyer, while everyone wants Russia to stop murders in Ukraine. ” He said in a post on social media, “Therefore, India will have to pay 25 percent tariffs and fine for trade with Russia from 1 August.”
In June 2022, Russia did 11.2 lakh barrels of crude oil daily
According to the global real-time data and analytics provider Kepler, in January 2022, India bought 68,000 barrels of crude oil daily from Russia. That month, India’s import from Iraq was 12.3 lakh barrels per day and 8,83,000 barrels per day from Saudi Arabia. In June 2022, Russia became India’s largest oil supplier, leaving behind Iraq. That month, Russia supplied 11.2 lakh barrels of crude oil daily to India. While Iraq supplied 9,93,000 barrels daily to India and 6,95,000 barrels of crude oil by Saudi Arabia.
Latest business news
