New Delhi: India has doubled its export of oil product to Europe in the last three years, supported by higher imports of cheaper oil from Russia, said Rosneft Igor Sechin.
The CEO of the Russian State Energy Society concerning the 28. He noted that these countries with which the US trade was sanctioned by the US represents one third of global reserves for liquid hydrocarbons and 15% of global production.
“As the second largest buyer of Russian oil in India has virtually doubled its oil products to Europe in the last three years,” he said.
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India increased the import of Russian oil after Western sanctions on energy supply after Russia after its invasion of Ukraine in February 2022 because it offered India deep discounts. Russian oil currently includes about 35% of total oil imports in India, which is approximately 2.5% before the start of the Russian-Ukraine conflict.
He also said that many oil -producing countries need oil price much higher than current levels to balance their budgets. “According to the calculations of the International Monetary Fund, this price for the budget of Saudi Arabia is more than $ 90 per barrel in 2025,” he said.
The Brent August Agreement on the intercontinental stock exchange was $ 77.01 per barrel, 2.33% lower than the previous closure. However, prices increased from $ 64-65 after Israel started air attacks on Iran 13th June.
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In an interview with Energy Security, the CEO said: “Russia, Venezuela and Iran are key players in the energy market and global energy security directly depend on their offer. These countries represent one third of global carbox reserves and 15% of global production.
The observation that the actual contribution of Russia to the global economy is proportional to the share of the world’s balance of resources, said the share of Russia in global exports of hydrocarbons is about 15%.
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Speaking of growing demand for India’s energy, saying: “India, which many now expect to experience explosive growth in energy demand, is on the verge of selecting an energy consumption model. This country is also expected to grow in terms of coal and nuclear production.
He also noted that the Indian government plans to add at least 80 GW additional coal capacity to meet the growing demand for electricity by 2032.
(Tagstotranslate) India oil exports
