Mukesh Ambani is earning tremendously by selling oil to Europe and America, 572 percent jump in exports
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Bumper boom in exports
Product exports have jumped 572% since the Ukraine war. India’s import of oil with Russia has also increased. Since the war in Ukraine, the share of Russian crude in India’s oil imports has increased from 1.7 million barrels to 63.3 million barrels. The EU High Representative on Foreign Affairs and Security Policy said in a note on the group’s foreign service website that before Russia’s invasion of Ukraine, Russian oil accounted for 0.2% of India’s total oil imports. In the last month i.e. May, this share had increased to 36.4%.
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China is also buying oil heavily
EU foreign policy chief Josep Borrell also named China, the world’s top oil consumer, as another big buyer of Russian oil. Along with India, China is also importing a large amount of oil from Russia. India, with its refining capacity of 250 million tonnes per annum or 5 million barrels per day, has traditionally exported petrochemical products. Private sector Reliance Industries Ltd and Rosneft-owned Nayara, which run two of the world’s largest refinery complexes. The European Union and the US have been major exporters.
A recent report by the Finnish non-governmental agency Center for Research on Energy and Clean Air described India as a “laundromat” for Russian oil. Because of the increasing volume of Russian crude imports and refined product exports to the West.
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