India shipped in about 1.6 million barrels per day (bpd) of Russian oil in 2022/23, the data showed, about 23% of its overall 4.65 million bpd imports.
Announcement by oil-producing cartel Sunday sent global markets into flux, with crude prices surging high. Experts say India will only feel effects in medium to long term.
Organization of Petroleum Exporting Countries and their allies, including Russia, shook markets by announcing output cuts of about 1.16 million barrels/day on Sunday.
With its fleet of hurriedly assembled tankers, Moscow is likely to defy EU oil sanctions. Moreover, eased US sanctions on Venezuelan crude to help New Delhi meet energy demand.
Oil minister Hardeep Singh Puri warned that these cuts could tip the world into recession. He also informed that Indian firms have signed new oil supply deals with Colombia and Brazil.
Basrah Medium & Heavy crude, Iraq's main exported grades, face a threat in international markets as major buyers, India & China prefer discounted Russian crude oil after Ukraine invasion.
The EU plans to ban Russian oil over the next six months and refined fuels by the end of the year, to increase pressure on Vladimir Putin over his invasion of Ukraine.
Sanctions on energy imports from Russia could have complicated effects on oil & gas supply chains globally, and in Europe, living standards and economic activity could be impacted.
Order for 87 MALE drones will be split between 2 Indian firms in 64:36 ratio to ensure there are 2 independent manufacturing lines with at least 60% indigenous components.
The India-South Africa series-defining fact is the catastrophic decline of Indian red ball cricket where a visiting team can mock us with the 'grovel' word.
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