Indian refiners saved $7 billion from Russian crude imports in 14 months
Indian crude oil refining companies were able to save around $7.17 billion in foreign exchange in the 14 months up to May 2023 by increasing their purchase of discounted Russian crude oil in the aftermath of the breakout of war in Ukraine, The Indian Express (IE) has reported.
India is the world’s third-largest crude oil consumer and imports more than 85 per cent of its oil needs. Since Western countries cut their oil imports from Russia as President Putin decided to invade Ukraine in February 2022, Moscow has been selling its crude at steep discounts.
