Crude oil imports from Russia will be doubled: Companies like Indian Oil and Hindustan Petroleum are doing deals, this will supply at a lower price

India is doubling its crude oil imports from Russia despite US warnings amid Ukraine war. State-owned oil refinery companies like Indian Oil and Hindustan Petroleum are now trying to negotiate privately instead of buying oil from Russia through public tenders so that it can be supplied at a lower price.

Like China, India will also buy oil from Russia

According to refinery companies and traders, India has bought all kinds of crude from Russia in the past. This includes consignments ranging from flagship grade Ural crude imported from ports in Western countries to rare cargo ESPO from the Far East. Normally China buys Russian oil in this way. Now India has also adopted these methods.

EU continues to pressure Russia to cut imports

In fact, three months of the Russo-Ukraine war are about to end, and in the meantime, due to the supply disruption due to sanctions on Russia, the price of crude oil is running above $100 a barrel. In such a situation, big oil importers like India are looking for cheaper alternatives. Russia is supplying crude to India at huge discounts. This oil could become cheaper as there is increasing pressure on EU countries to reduce imports from Russia.