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This monumental transaction follows the sale of 25kg of gold from a UAE gold exporter to a buyer in India for around 128.4 million rupees ($1.54 million), according to Reuters.
India’s import of Russian oil dipped to a seven-month low in August after steady purchase during the course of war in Ukraine, amid lower discounts for Moscow’s grades and planned maintenance ...
India’s foreign minister said his country was awaiting a “thank you” for buying sanctioned Russian oil, saying the move had eased pressure on prices elsewhere.. Subrahmanyam Jaishankar said ...
India was the second top net crude oil (including crude oil products) importer of 205.3 Mt in 2019. [1] By March 2021, India's domestic crude oil production output fell by 5.2% and natural gas production by 8.1% in the FY21 as producers extracted 30.4917 Mt of crude oil and 28.67 BCM of natural gas in the fiscal year.
In May 2018, IOCL became India's most profitable government corporation for the second consecutive year, with a record profit of ₹21,346 crores in 2017–18. [16] In February 2020, the company signed a deal with the Russian oil company Rosneft to buy 140,000 barrels per day of crude in year 2020. [17]
As part of the sanctions imposed on the Russian Federation as a result of the Russo-Ukrainian War, on September 2, 2022, finance ministers of the G7 group of nations agreed to cap the price of Russian oil and petroleum products in an effort intended to reduce Russia's ability to finance its war on Ukraine while at the same time hoping to curb further increases to the 2021–2022 inflation surge.
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The Gulf War in 1990 caused a sharp rise in oil prices and a massive increase to India's imports. During the subsequent 1991 Indian economic crisis, foreign exchange reserves could barely finance three weeks' worth of imports while the government came close to defaulting on its financial obligations.