Gazi Abbas Shahid
Starting as a ground reporter back in his home UT of Jammu and Kashmir, Gazi has been a part of the news industry for well over a decade. While he finds every type of news engrossing, politics, partic ... Read More
India crude oil import: Amid the raging Israel-Iran war, which witnessed a major escalation after the US bombed Iranian nuclear sites on Sunday, India has changing its oil import strategy, purchasing more crude oil from Russia in the month of June, compared to West Asian suppliers like Saudi Arabia and Iraq.
Data shows that India is ramping up oil imports in wake of the ongoing situation in the Middle East, which is expected to skyrocket global crude oil prices.
According to data released by global trade analyst Kpler, Indian refineries have purchased about 20 to 22 lakh barrels of crude oil per day from Russia in June, the highest in two years. In May, India’s daily oil import from Russia stood at 19.6 lakh barrels, while 4,39,000 bpd (barrels per day), were purchased from the US, which is significantly higher than 2,80,000 bpd in May.
Meanwhile, India’s oil imports from West Asia, including Iraq, Saudi Arabia, United Arab Emirates (UAE) and Kuwait, dropped significantly in June, declining to around 2 million bpd, significantly lower than last month’s figures.
India is the world’s third largest oil importer and consumer, purchasing about 51 lakh bpd of crude oil from other countries, which account for around 80 percent of the country’s domestic oil needs. Traditionally, India imported crude oil from West Asian countries, but in recent years Russia has become the country top crude oil supplier, especially after the Russia-Ukraine war broke out in February 2022.
After the war broke out, Russia’s oil imports fell drastically, primarily due to sanctions imposed by the US and allis, due to which Moscow sold its oil at a much cheaper price than other countries, one of the key reasons why India started importing more crude from Russia.
On Sunday morning, US B-2 Stealth bombers dropped GBU-57A/B Massive Ordnance Penetrator (MOP) bunker buster bombs on Iranian nuclear facilities in Fordow, Natanz, and Isfahan, purportedly destroying the sites. The bunker busters, each weighing about 13,600 kilos, are capable of penetrating up to an estimated 200 feet of reinforced concrete.
The attack came just two days US President after Donald Trump sought two weeks time to decide whether the US would join Israel in its war against Iran. But analysts believe that US action may have been prompted because Iran was preparing to shift its nuclear assets, including enriched Uranium, to secret locations from its nuclear facilities.
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