It is a known fact that india is the largest importer of oil in the world. How many people know that such imported crude oil is refined and re-exported partly as fuel? Another highlight is the fact that india is a major supplier to countries including the United States. Amidst the conflict between russia and Ukraine, Western countries have banned the purchase of oil from Russia. Some countries even stopped buying oil from russia in view of this ban. But without considering this, india used to import saying that people are important to us. Moreover, india is importing from other countries at concessional prices. It is the welfare of the people that matters. Despite Western countries protesting that nothing else is important to us, india kept importing. russia has become India's main oil supplier for the past few months. Meanwhile, there was an allegation that india was refining oil imported from russia and exporting it to countries including the United States.
Meanwhile, data indicates that india has increased its exports of major refining products to the US since last November. Most of this oil is said to have been imported from Russia. According to Commerce Ministry data, russia exported $3.08 billion worth of crude oil to india in November. russia has emerged as the second largest oil exporter after Saudi Arabia.
On the other hand, the import of oil products in the united states in november increased to 588 million dollars in November. This is the highest rate this fiscal year. The data indicates that US imports have also increased as demand increases during the holiday season in the United States. In the eight months to november 30, the united states imported $3.62 billion worth of petroleum products. This is a 23% increase over the previous year. This is more than the last 5 years.
While imports to the US have increased, there has been considerable change in Europe's imports. Along with this, countries including Britain, spain and romania have significantly reduced imports from India. Meanwhile, countries including Portugal, Belgium, and italy have increased their imports by 1600, 535, and 17 times respectively.
The netherlands also saw a 45% increase compared to October. India's imports are higher despite the Western ban and G7 price cap. Its echoes are also found in exports.
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