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India states oil prices would have soared without its Russian imports

International oil prices would. have actually hit the roof if huge importer India had not bought oil from. Russia following the Ukraine war, India's oil minister said,. adding that costs would determine where the country buys oil. from.

India, the world's 3rd largest oil importer and consumer,. has actually become the top buyer of reduced Russian sea-borne oil. avoided by Western nations considering that Ukraine's invasion started in. early 2022. Before that, India purchased little oil from its. long-running defence partner, Russia.

New Delhi has consistently defended its purchases from Russia. as essential to keep rates in check in the establishing country. of 1.42 billion individuals.

What numerous around the globe don't seem to realise is that. worldwide oil costs would have hit the roofing system if India had not. purchased oil from Russia, India's oil minister, Hardeep Singh. Puri, wrote on X late on Friday.

We owe it to our people - India will purchase oil from. any place our companies get the very best rates.

India's petroleum imports from Russia increased by 11.7% to about. 1.9 million barrels daily in September, accounting for about. two-fifths southern Asian nation's total crude imports in. the month. Russia was followed by Iraq and Saudi Arabia as. India's biggest suppliers.

(source: Reuters)