In order to shield the economy from the negative impact of the recent surge in crude oil prices, India is exploring the possibility of importing additional oil at discounted rates from Russia, which is facing sanctions and global backlash due to the Ukraine conflict.
According to commodities data and analytics firm Kpler, India’s import of crude oil from Russia in March this year so far is nearly four times higher when compared with the corresponding period of last year. India’s import of crude oil from Russia stood at around an average of nearly 360,000 barrels a day in the first half of this month. As per the current shipment schedules, the average oil trade between the two countries is estimated to be around 203,000 barrels per day.
