Login

Lost your password?

Sign Up

Register

Login

Login

Lost your password?

Register

Sunday, May 22, 2022
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion

Africa's
Investment
Gateway

The Exchange
  • Login
  • Register
Subscribe
This Month's Edition
Previous Editions
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion
No Result
View All Result
The Exchange
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion
No Result
View All Result
The Exchange
LOGIN
India Prime Minister Narendra Modi. India has bought three million barrels of crude oil from Russia, despite ongoing pressure from countries in the west to resist such purchases. www.theexchange.africa

India Prime Minister Narendra Modi. India has bought three million barrels of crude oil from Russia, despite ongoing pressure from countries in the west to resist such purchases. [Photo/The Indian Express]

World: India defies American pressure, buys Russian oil to secure energy needs

India has not joined countries that have issued sanctions against Russia.

by Wanjiku Njugunah
March 20, 2022
in World
0
Share on FacebookShare on LinkedIn
  • India has bought three million barrels of crude oil from Russia, despite ongoing pressure from countries in the west to resist such purchases
  • India made the purchase when countries including the United States and the United Kingdom have urged Narendra Modi’s government not to buy oil from Russia
  • The country is currently facing a huge burden as it imports a whopping 85% of the oil consumed in the populous country
  • According to the Petroleum Exporting Countries (OPEC), India’s demand for oil might jump by 8.2 per cent in 2022, to hit 5.15 million barrels per day

India has bought three million barrels of crude oil from Russia, despite ongoing pressure from countries in the west to resist such purchases.

Multiple news sources indicate India has not joined countries that have issued sanctions against Vladimir Putin led-country.

Further, the sources say India is expected to purchase additional crude oil to secure its energy needs.

Read: Global oil prices pile pressure on Kenya’s economy

India made the purchase when countries including the United States, the United Kingdom and other western countries have urged Narendra Modi’s government not to buy oil from Russia.

The news sources revealed Russia offered India the oil at discounts amounting to 20 per cent below global benchmark prices.

ABC News reported that India is currently facing a huge burden as it imports a whopping 85% of the oil consumed in the populous country.

Further, the Organisation of Petroleum Exporting Countries (OPEC) revealed that India’s demand might jump by 8.2 per cent in 2022, to hit 5.15 million barrels per day. This would be on the back of continued recovery against the COVID-19 pandemic.

The country’s demand for the commodity increased by 5.61 per cent from 4.51 million barrels per day in 2020 to 4.76 million BPD in 2021.

OPEC further noted that oil demand would recover in 2022, amid the expected containment of the Omicron variant of COVID-19 and economic growth of 7.2 per cent this year.

“India imports most of its oil requirements. We are exploring all possibilities in the global energy market. I don’t think Russia has been a major oil supplier to India,” the spokesman for the External Affairs Ministry, Arindam Bagchi, told reporters.

Data indicates India receives most of its oil from Iraq at 27 per cent, followed by Saudi Arabia at around 17%.

The south Asia nation also imports 13 per cent of its oil from the United Arab Emirates and the US at nine per cent.

According to Press Trust India, the projection by OPEC matches those of Modi’s administration which foresee growth in fuel demand.

The trust further revealed that demand for the commodity rose by 4.2 per cent in ten months starting April 2021, while fuel consumption hit 165.7 million tonnes.

India Oil Russia
Crude oil pipeline. Photo: Pixabay.

Further, the country consumed 194.3 million tonnes of petroleum produced in the 2020-2021 financial year, amid the COVID-19 pandemic that crippled India’s mobility.

The development comes when Australia has announced plans to join major allies such as the US and the UK in banning Russian imports.

The Guardian reported that while Australia is not a major importer of Russian oil, the move would help curtail Russia’s revenue and ability to finance the unjustified war against Ukraine.

According to the spokesperson for the foreign minister, Marise Payne, the decision did not risk Australia’s fuel security, despite petrol prices soaring past $2 a litre in major cities.

“Australia has diverse and resilient oil supply chains and adequate fuel supplies,” the spokesperson said.

She added that the state closely monitored global oil and energy markets and worked with their allies and the International Energy Agency to ensure ongoing supply security.

India supports Ukraine

India’s purchase of Russian oil comes when the county has called for an urgent ceasefire of the war between Russia and Ukraine that has left hundreds dead and affected the global economy.

The Deputy Permanent Representative of India to the United Nations, R. Ravindra, said India has called for an immediate end to all hostilities in Ukraine and urged for dialogue and diplomacy.

He noted that India’s prime minister Narendra Modi had reached out to Russia and Ukraine to end the conflict, adding that they would continue to reach out.

Read: India’s bid to win Africa

Tags: FeaturedIndiaOPECRussia Ukraine war

STATE OF ECONOMY - GET THE REPORT

ASSESSING EAST AFRICA

Loading...

Wanjiku Njugunah

Wanjiku Njuguna is a Kenyan-based business reporter with experience of more than eight years.

Related Posts

www.theexchange.africa
Business

Australia returns 29 stolen artefacts to India worth billions

March 22, 2022
The flooding crisis in Africa (1)
Extractive and Energy

2021 World Environment Day: Africa Well-Poised for Ecosystem Restoration 

June 6, 2021
Africa

How Iran stands to gain from Africa

February 24, 2021
Next Post
Financial digital transformation is key to Africa's financial inclusion. www.theexchange.africa

Africa moving to digitize regional financial markets

So how does the consumer identify what seed variety they are buying? www.theexchange.africa

Hybrid seeds concerns: Faster growth, lower nutritional value in Tanzania

Zanzibar’s tourism sector is rebounding on the back of Covid-19 vaccination campaign and sound government Fiscal policies. www.theexchange.africa

Zanzibar: Vaccine drive grows tourist, investor confidence

Please login to join discussion




This months edition

May Edition

Features

EdTech role in African development
Tech & Business

EdTech’s role in African development

by Kanyali Muthui
May 16, 2022
0

Due to the pandemic, the topic of innovation in education has never been more crucial.  While most developed countries moved...

Read more
investment in African science and technology
Tech & Business

Investing in Africa’s science and technology: Where are we now?

by Kanyali Muthui
May 16, 2022
0

The continent’s digital revolution can largely be driven by building the necessary skills for the short- and long-term future, and...

Read more
Fintech revolution in Africa
Tech & Business

The Fintech Revolution in Africa’s FX Markets

by Kanyali Muthui
May 11, 2022
0

With over 548 million registered mobile money users in sub-Saharan Africa, increased internet access and readily available mobile money solutions,...

Read more
www.theexchange.africa
Countries

US – Nigeria Trade Relations: An Overview

by Wanjiku Njugunah
May 2, 2022
0

Nigeria is currently the United States' 54th largest goods trading partner, with US$7.8 billion in total goods trade as of...

Read more
A previous conference for African Insurtech sector. The Insurtech boom is deepening insurance uptake in Africa. www.theexchange.africa
Tech & Business

Insurtech boom deepening the uptake of insurance in Africa

by june njoroge
May 2, 2022
0

Kenya-based Pula is another distinguished insurtech making waves in the continent. It provides small scale farmers with agricultural insurance and...

Read more

News

Banking
Industry & Trade
Investing
Money Deals
Regional Markets
Tech & Biz
Opinion

Countries

Kenya
Tanzania
Uganda
Burundi
Rwanda
Southern Africa
Ethiopia

More

My Account
Contact us
Advertise
About us
Help Center

Subscribers Center

E-paper
Premium Stories
Education Rates
Corporate Subscriptions
Weekely Newsletter

  • My account
  • About us
  • Advertise
  • Contact
  • Privacy Policy
  • Refund Policy – The Exchange
  • Sitemap

No Result
View All Result
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion
  • Login
  • Sign Up
  • Cart

© 2021 The Exchange - Powered by MediapixManaged by Supported by Digihandler,

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In