New Delhi: In February this year, Russia attacked Ukraine. After which many countries of the world including America, and Europe imposed all kinds of economic sanctions on Russia. Due to this Russia was not able to supply oil and in such a situation it had cut prices drastically. This directly benefited India, because India had bought oil from Russia, bypassing the pressure of many countries including America.

This is the reason that Russia has now come among the leading countries supplying oil to India. Russian crude oil has been cheaper than Saudi Arabia's crude oil during the April-June quarter. In May, it had fallen to $19 a barrel. According to a Bloomberg report, due to increased supply from Russia to India, it has come second among countries selling crude to India. Earlier Saudi Arabia had this status.

At present, Iraq is in the first place among the countries supplying oil to India and Saudi was at number two. India and China have bought oil from Russia on a large scale since the Ukraine crisis. Let us tell you that India imports 85 per cent of its oil requirements. In such a situation, Russia's cheap oil in the midst of the Ukraine war has helped in reducing India's import bill. Not only this, but it has also helped in dealing with the fears of inflation and recession since the Corona epidemic. 

According to government data, India bought oil worth $47.5 billion in the June quarter. However, in the same quarter last year, India imported oil worth only $ 25.1 billion. The reason for buying such a large quantity of oil is that the economy has opened up after the Corona period and the demand has also increased. Along with this, India has also procured more to store oil on a large scale. This opportunity was also beneficial for India because there was a possibility of recession and inflation during this period.

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