Mumbai: As a result of the sanctions imposed on Russian crude oil by the US, India’s crude oil imports from Russia have declined by 25 percent in the first twenty days of February, while imports from the US have almost doubled.
India plans to increase the import of crude oil from the US by 65 percent to $ 25 billion. India has imported an average of 1.07 million barrels of crude oil daily from Russia in the first twenty days of the current month, compared to 1.4 million barrels in January.
On the other hand, according to the report of the Energy Cargo Tracker, imports from the US increased to 200,000 barrels per day in February, an average of 1.10 lakh barrels per day in January.
The export of crude oil to India from Saudi Arabia and Iran has increased. This month, the import of crude oil is increasing by 10.80 lakh barrels per day, while 7.70 lakh barrels from Saudi Arabia have increased to 9.10 lakh barrels per day, while imports from Iran are growing 80 lakh barrels per day. However, the report also said that crude oil imports from UAE have come down from 4.80 lakh barrels to 3.10 lakh barrels.
In view of the decline in exports from Russia, other crude oil suppliers are increasing their exports to India. While imports are decreasing from Russia, India’s crude oil imports from America are expected to increase in the coming days.
India has devised a strategy to increase imports from the US as needed to stay safe from the tariff war launched by the US.
India is considering reducing tariffs on goods that are not imported in large quantities from the US. Government sources said that this presentation will be given by India in a discussion related to bilateral trade agreement with the US.
