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.
![India May Ramp Up its Oil Purchase from UAE](https://www.psuconnect.in/sdsdsd/India_May_Ramp_Up_its_Oil_Purchase_from_UAE.jpg)
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 : R.K. Chaudhary, CMD, NHPC met Chowna Mein, Hon’ble Dy. CM, Arunachal PradeshThis 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.
Read Also : State Coal Minister inaugurates new solar plant at CCL’s Piparwar AreaIndia's Agreement for crude
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.
Read Also : WAPCOS CMD met Safarzoda Manuchehr Bakhodur Hon’ble Deputy Minister of Energy and Water ResourcesNews Must Read
- Petroleum Minister Hardeep S Puri Highlights India’s Bioenergy Progress
- NBCC bags orders worth Rs. 182.50 Crore
- OMCs increases price of 19 kg commercial LPG cylinder by Rs 39
- HUDCO Issues Record Date For Dividend, Shares Rise 118% YTD
- NTPC Bongaigaon to Support TB Eradication Efforts; Partners with District Administration, Kokrajhar
- Solar Energy Corporation of India Ltd (SECI) attains Navratna Status
- Dr D K Sunil Takes Over as CMD (Additional Charge) of HAL
- DVC bags Champions Trophy for Corporate Sustainability at XLRI, Jamshedpur
- Minister Pralhad Joshi Visits IREDA Office, Reviews Company’s Strategic Growth Plan
- HAL Selects SAFHAL Helicopter Engines to Develop and Produce ‘Aravalli’ Engines