India UAE Russia: Trio of India, UAE and Russia will increase America’s problems, this game of oil will spoil all the maths! – triangle of uae india and russia becoming bigger with the rising oil trade
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Oil game broke records
Oil trade between India and Russia reached a new high of 1.64 million barrels per day in March. But there has been some stability in this. With this new figure, Russia has replaced India’s traditional oil supplier Iraq. Now, not Iraq but Russia is the number one supplier of oil to India. According to information provided by Vortexa, an energy supply monitoring agency, Russia is now becoming the single largest supplier of crude oil. For the sixth consecutive month, India has bought more than a third of its oil from Russia.
Before the Russia-Ukraine war broke out in February 2022, Russia’s share in India’s imports was less than 1 per cent. While by March 2022, it has increased to 1.64 million barrels per day i.e. 34 per cent. Some European countries want to fix a price for oil coming from Russia. But there is no consensus yet on this. While Saudi Arabia was the second country from which India bought the most oil.
Meaning of oil trade in dirham
According to a report in February, India has become an even more important consumer for Russia after the sanctions imposed by the European Union. India is getting this oil at a price less than US $ 60 per barrel. While its payment is being done in UAE’s currency Dirham. This may increase the concerns of US President Joe Biden.
India Russia Defence: China’s threat, Russia becoming a headache for India, will forces face heavy punishment for Putin’s decision?A ban on exchanges between Indian refineries and Russian dealers in dirhams is unlikely. There are some banks that cross borders to avoid other financial ties abroad. They transact in such a way that they are not accused of violating US and European Union rules.
Iraq and Saudi Arabia
If compared to Iraq, it is very less. India bought twice as much oil from Russia as compared to Iraq. Till the year 2017-18, Iraq was the top oil supplier to India and it was supplying 0.82 million barrels of oil per day to India. Apart from India, China and America have bought cheap oil from Russia. India’s petroleum imports from Russia have increased slightly from 1.62 million barrels in February.
According to Vortexa, Saudi Arabia is at number two in this matter. It sold 986,288 million barrels of oil to India in March. While Iraq was the third largest oil supplier with sales of 821,952 bpd. With 313,002 bpd, the UAE became the fourth largest supplier, overtaking the US.
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