India May Ramp Up its Oil Purchase from UAE
India is expected to surge its oil purchase from the united arab emirates in the upcoming months following discussions between the two countries on the sidelines of the ongoing COP 28 summit in Dubai.
The expectations have risen to overcome the dependence on Russia because of high Russian shipments of crude oil since Indian refiners started depending more on Russian crude in 2022. Yet Russian oil shares overall two-thirds imports of India’s oil demands.
India is expected to surge its oil purchase from the united arab emirates in the upcoming months following discussions between the two countries on the sidelines of the ongoing COP 28 summit in Dubai. Historically, the UAE has been considered India’s third largest source of crude.
In 2021, UAE, exported almost 58.5B dollar in crude petroleum. The main destinations of exports were Japan, India, China, Singapore, and Thailand. The UAE economy is heavily reliant on revenues from petroleum, and natural gas, especially in Abu Dhabi.
Read Also : IndusInd Bank Q1 FY25 results, net profit at 2% YoYThis year has been embarked as most controversial and historical moment for organising COP 28 conference in UAE, as it is being considered as most crucial spot for oil reserves and industrial sectors having gas pipelines where gas emissions are caused robustly.
From Where India Imports Oil?
Well, Russia has yet again emerged as the largest single supplier of crude oil to India. But still, India awaits for substitution because of the geopolitical conflicts. Nevertheless, India has been importing oil mostly from the Middle East, Iraq and Saudi Arabia.
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Currently, India has imported around 3.2 billion dollars worth of crude from the UAE in this first half of the Financial year. Both countries have signed a free trade agreement, which went into effect in May 2022 and aims to raise non-oil trade to 100 billion dollars by 2030. The mutual synopsis underwent in a lucid way when India co-hosts with UAE on the event of the Global Green Credit Initiative Programme.
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