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Europe biggest importer of Russian oil & gas even as India is targeted
Energy hungry India is being targeted for purchasing Russian oil to meet its growing demand but fact remains that Europe and parts of Asia are bigger importers of Russian oil and gas even to this date.
India’s daily requirement of crude oil is about five million barrels or about 1800 million barrels a year. And it is a well known fact that 85% of India’s crude oil requirements are met through imports. For FY 2020-21, India’s oil imports stood at 1440.3 million barrels; while for the current FY, India has already imported 1289.3 million barrels.
Even with announced reductions by one third, EU’s reliance on Russian gas will still remain significant. For gas itself, Europe is still the largest regional importer of Russia’s natural gas, accounting for nearly 75% of Russia’s total natural gas exports. The recipients include Germanyand Italy. Exceptions and exclusions have been built into the design of the sanctions so that Europe can continue to use and pay for Russian crude and gas, sources pointed out.
China and Japan are among the top 10 destinations, together accounting for approximately 10%, or 882 billion cubic feet, of Russia’s natural gas exports. Principal sources of import of crude oil by India are: Iraq – 23%; Saudi Arabia – 18%; UAE – 11.3%; Nigeria – 8% and USA – 7.3% It may be pointed out here that Russia is not in top 10 sources of Indian crude imports.
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