Significant Shift in India’s Crude Oil Imports UPSC
India’s crude oil imports witnessed a significant shift in December 2024, with multiplied reliance on West Asian countries like Iraq and the UAE. Iraq and Saudi Arabia were the top two providers of crude oil to India.
But because the West commenced removing itself off Russian energy elements following Moscow’s February 2022 invasion of Ukraine, Russia began presenting reductions on its crude.
Indian refiners took advantage of the situation, importing discounted barrels from Russia.
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