India Overtakes China as Russia’s Top Oil Importer in July – Reuters

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India surpassed China as the largest buyer of Russian oil last month, Reuters reported Thursday, citing import data from both countries.

Russian crude exports to India in July reached a record 2.07 million barrels per day (bpd) compared with 1.76 million bpd to China, the news agency said.

India imported 12% more Russian crude than last year, while the world’s largest crude oil importer China imported 7.4% less over the same period. China’s drop was attributed to weakening processing margins among refineries and low demand for fuel.

Both countries have benefited from discounted Russian oil after the West partially embargoed Russian oil and G7 countries imposed a price cap of $60 per barrel in response to the 2022 invasion of Ukraine.

Meanwhile, Russia’s oil and gas revenues have surged in a sign of Moscow’s ability to circumvent Western sanctions.

“India’s requirement for Russian oil is going to go up as long as there are no further tightening of sanctions,” an unnamed industry insider from India was quoted as saying by Reuters.

Russian crude also reached a record 44% of India’s total oil imports in July, the news agency said.

 

[100%_Guest]

View attachment 60900
India surpassed China as the largest buyer of Russian oil last month, Reuters reported Thursday, citing import data from both countries.

Russian crude exports to India in July reached a record 2.07 million barrels per day (bpd) compared with 1.76 million bpd to China, the news agency said.

India imported 12% more Russian crude than last year, while the world’s largest crude oil importer China imported 7.4% less over the same period. China’s drop was attributed to weakening processing margins among refineries and low demand for fuel.

Both countries have benefited from discounted Russian oil after the West partially embargoed Russian oil and G7 countries imposed a price cap of $60 per barrel in response to the 2022 invasion of Ukraine.

Meanwhile, Russia’s oil and gas revenues have surged in a sign of Moscow’s ability to circumvent Western sanctions.

“India’s requirement for Russian oil is going to go up as long as there are no further tightening of sanctions,” an unnamed industry insider from India was quoted as saying by Reuters.

Russian crude also reached a record 44% of India’s total oil imports in July, the news agency said.

Payment --ruuuuuuupee?

 

[Indos]

It will be strange when Modi visited Ukraine....

 

[Michael]

It will be strange when Modi visited Ukraine....

Modi's visit to Ukraine, of course, is to encourage and support Ukraine and hope that Ukraine will continue to fight.

During the Russian-Ukrainian war, Europe suffered a severe shortage of oil due to the fact that some countries blew up the oil pipeline from Russia to Europe and terminated the oil trade. India imports a lot of oil from Russia and sells it to Europe at a high price, earning a huge price difference.

If this war ends, oil trade between Russia and Europe will gradually resume. India will lose out on this major middleman opportunity.

So, what do you think Modi is going to do?

 

[Indos]

Modi's visit to Ukraine, of course, is to encourage and support Ukraine and hope that Ukraine will continue to fight.

During the Russian-Ukrainian war, Europe suffered a severe shortage of oil due to the fact that some countries blew up the oil pipeline from Russia to Europe and terminated the oil trade. India imports a lot of oil from Russia and sells it to Europe at a high price, earning a huge price difference.

If this war ends, oil trade between Russia and Europe will gradually resume. India will lose out on this major middleman opportunity.

So, what do you think Modi is going to do?

I mean every body in Ukraine understand that India that supports Rusia continue the war.....while Mody goes to Ukraine and meet Zelensky

Actually it is more on slap for Ukraine with that visit

This is why I said it will be a strange visit, will not achieve anything diplomatically for India

 

[onlinpunit]

Payment --ruuuuuuupee?

Barter
Rupee
Even Yuan !!
We are pragmatic and flexible.

 

[Michael]

I mean every body in Ukraine understand that India that supports Rusia continue the war.....while Mody goes to Ukraine and meet Zelensky

Actually it is more on slap for Ukraine with that visit

This is why I said it will be a strange visit, will not achieve anything diplomatically for India

No.

When observing international affairs, we should never look at the public statements of these politicians, but observe their actions and interests afterwards.

Didn't a friend break the news on the PDF? Ammunition manufactured India enters the Ukraine through third-party channels and is Ukraine used against Russia.............

 

[onlinpunit]

I mean every body in Ukraine understand that India that supports Rusia continue the war.....while Mody goes to Ukraine and meet Zelensky

Actually it is more on slap for Ukraine with that visit

This is why I said it will be a strange visit, will not achieve anything diplomatically for India

Our goal is peace b/w both parties.
The only country who is benefiting from this war is china.

 

[onlinpunit]

Modi's visit to Ukraine, of course, is to encourage and support Ukraine and hope that Ukraine will continue to fight.

During the Russian-Ukrainian war, Europe suffered a severe shortage of oil due to the fact that some countries blew up the oil pipeline from Russia to Europe and terminated the oil trade. India imports a lot of oil from Russia and sells it to Europe at a high price, earning a huge price difference.

If this war ends, oil trade between Russia and Europe will gradually resume. India will lose out on this major middleman opportunity.

So, what do you think Modi is going to do?

The oil business is hardly 10-12 billion $.

 

[Indos]

Our goal is peace b/w both parties.
The only country who is benefiting from this war is china.

Ya of course India wants the war ended since the war makes India-Western nation relation become less warm as India traditionally has good relation with Russia. We can see on Sukhoi squadrons in India Air Force

This is also why India still buy Russian oil. It is not only about business, but India and Russia has had strong relationship since USSR era

 

[UKBengali]

The oil business is hardly 10-12 billion $.

How much does India earn when you take into account the mark-up on refined Russua petroleum products that it then sells to Europe? It is many 10s of billions of dollars a year now.


India is one of the biggest beneficiaries of the Ukraine war.

 

[onlinpunit]

Ya of course India wants the war ended since the war makes India-Western nation relation become less warm as India traditionally has good relation with Russia. We can see on Sukhoi squadrons in India Air Force

This is also why India still buy Russian oil. It is not only about business, but India and Russia has had strong relationship since USSR era

We are buying the oil from many countries.
We have always diversified our oil purchase..Never placed all eggs in one basket.

 

[indushek]

Indian PM's visit to Ukraine, is more about image management in West. There has been lot of negative talk about us, when it comes to Ukraine. About how we haven't outrightly not condemned Russia's actions, vis a vis Ukraine.

Truth is that neither India or China or anyone else, can do much for stopping war till both parties in conflict want to. With Ukraine's counter attack into Russia, things just went up a notch. Both want to have a card up their sleeve, when it comes to negotiations (which shall happen, now or later). Contrary to popular belief the Elections in US won't hold a important indicator, to where things shall go. Trump or Kamala, I have a doubt if the war shall end until whatever objectives the US has on mind are achieved. Ukraine clearly is a front man, and the puppeteer has to decide when to end this.

As for India & Russia situation:

India can never let go of its relations with Russia, not just because of the past but also because of future. Russia sits on largest natural resources on earth, and will become invaluable once the exploration of South Pole for resources gets heated. Further they are also important for a multi polar world, where its not just one Super power holding all the cards. Whatever our bilateral issues, we do have a synergy on world view and many of our interests align. Its a relation built over decades, and has now reached a certain maturity. So no India will never let go of this, and will not outright condemn them.

As for India & Ukraine relation:

There isn't much to talk, till this conflict happened. Sure we feel sad about loss of lives, particularly of their children genuinely. Only there is very little that can be done by us, as they chose their bed (US & NATO). Once the conflict stops and dust settles, perhaps something meaningful can be built if conditions are right. Its highly expectant of people to expect India, to throw themselves behind them. This conflict itself is a European conflict essentially, something that is affecting all of the world sadly.

P.S. - For people thinking we are benefiting of war due to Oil, what if we are? When there is a situation in market, someone is going to take advantage if they can. Its laughable to spin stories of us trying to further the conflict, as that can't be hidden in today's world. Am sure if it was some Western Nation or China doing this, it would be considered brilliant move.

 

[AjayGhatak]

I mean every body in Ukraine understand that India that supports Rusia continue the war.....while Mody goes to Ukraine and meet Zelensky

Actually it is more on slap for Ukraine with that visit

This is why I said it will be a strange visit, will not achieve anything diplomatically for India

Its called optics. India formally is a nuetral party in this circus.

 

[AjayGhatak]

If this war ends, oil trade between Russia and Europe will gradually resume. India will lose out on this major middleman opportunity.

So, what do you think Modi is going to do?

India does not need to do anything. This war is a bonanza for western MIC, so it will continue.

Russia gets land, LockMart gets money, India gets oil. Everyone is happy.