India saved $10.5bn on oil purchases from Russia in two years
After increasing purchases of Russian oil, Indian oil refineries have managed to save at least $10.5bn over the past two years, TASS reports
The Indian Express newspaper, referring to the official trade data from April 2022 to May 2024, reported that the rapid growth of oil trade has brought Russia among India’s main trading partners. According to the publication, Western buyers have reduced oil imports from Russia after February 2022. The Indian Express writes that ‘Indian refineries enjoy preferential barrels, and Russia – which used to be a minor player in the Indian oil market – is now the largest oil supplier to New Delhi’.
Previously, oil was traditionally not the main pillar of Russian-Indian relations, but now black gold has come out on top in trade relations between Moscow and New Delhi.
“During his visit to Moscow, Prime Minister Narendra Modi acknowledged that Russia’s support had helped India provide fuel to the vast population of his country, despite the fact that many countries were facing an energy crisis,” the Indian media recalled.
Moreover, according to Modi, the world should recognise that the oil trade between India and Russia has brought stability to global energy markets.
