Oil imports from Russia up nearly 3-fold | Mint Primer | Mint

Crude oil imports from Russia to India have nearly tripled in Q1 of this fiscal year compared to the same period last year, totaling $12.36 billion. This rise coincides with a decline in oil imports from West Asian countries. The increase is due to Russia's discounted oil offers amid Western sanctions, leading India to boost imports from Russia. Despite recent production cuts by Russia, the imports continue to rise. However, the impact on India's overall import cost is yet to be seen due to calculation methods. This shift reflects changing global energy dynamics influenced by geopolitical tensions and market fluctuations.