Oil Imports

The United States has not asked India to cut Russian oil imports, an American treasury official said on Thursday.

While India's purchase of crude oil comes is far from hurting any economy and instead has stabilised the global economy in a volatile geopolitical environment, the United State's historical funding to Pakistan has come at a huge cost to India, its neighbourhood and human rights at large.

The transformation of Saudi Arabia under the leadership of Crown Prince Mohammed Bin Salman is a profound shift from its conservative past to a more modern and economically diversified nation. This transformation, marked by social and economic reforms, has sparked both global attention and internal opposition

Europe's refined fuel imports from India are set to surge above 360,000 barrels a day, overtaking Saudi Arabia, Kpler's data show.

India will turn the global oil challenges into an opportunity to secure affordable energy, Minister Hardeep Singh Puri said.

It has now come to light that the decision to buy discounted Russian oil has benefited India to the tune of Rs 35,000 crores.

A price cap, set by EU and G7 countries, implies that oil sold at the agreed price can be shipped using the tankers of the said countries.

Iran was a major energy provider to India until May 2019, when the country ceased doing so after the US threatened to impose more sanctions.

Hardeep Singh Puri told CNN, "We have 1.34 billion population and we have to ensure that they are supplied with energy."

After China, India has emerged as second-largest buyer of Russian oil, taking the advantage of discounted prices.