prabhasakshi
India is playing an increasingly important role in world oil markets by buying more and more cheap Russian oil. India exported nearly 89,000 barrels a day of gasoline and diesel to New York last month, the most in four years, according to data intelligence firm Kepler. .
India’s status is rising in the world oil market. Western countries strove to prevent India from buying oil from Russia. But India only did what interested her. Whose country is getting a direct benefit. India is buying cheap Russian oil and selling more to Europe and America. India’s importance is expected to rise further after new EU sanctions come into force from Sunday. With the start of the war between Russia and Ukraine, a major change has been seen in the oil market. Europe has further increased sanctions on Russia. In such a situation, India is becoming a hub in the world oil market.
It exported so much oil to America-Europe
India is playing an increasingly important role in world oil markets by buying more and more cheap Russian oil. India exported nearly 89,000 barrels a day of gasoline and diesel to New York last month, the most in four years, according to data intelligence firm Kepler. . Low sulfur diesel exports to Europe were 1 lakh 72 thousand barrels in January, which is now the highest since October 2021.
Opportunity to earn a large margin
Ben Cahill, a senior fellow at the Washington think-tank’s Center for Strategic and International Studies, said: “US Treasury officials have two main objectives: to keep the market well-supplied and to deny oil revenues from Russia. They know that India and China can get big margins. However, by buying cheap Russian crude oil and exporting products at market prices, they have no problem with that.
In other news