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New Delhi: In the Middle East for the last one week, in the ongoing war between Iran-Izrail, the jump of America has increased the concern of the whole world. Crude oil prices have increased due to the ongoing tension between the two countries. At the same time, if this war continues for a long time, then there is a possibility of huge increase in oil prices. Global concerns about the security of Hormuz Strait have also increased. This is the same route from where oil and LNG are exported from countries like Iran, Iraq, Saudi Arabia, Kuwait and UAE.

India had already realized the crisis of tension between Iran and Israel and there was no shortage of crude oil in the country, it was strategically prepared strategically. India increased the import of crude oil from Russia and American in June.

India adopted this strategy

Amidst instability in the Middle East, India bought more oil from Russia than its traditional oil suppliers like Iraq, Saudi Arabia, UAE and Kuwait. According to data from Global Trade Analyst firm Capler, India bought 20 to 22 lakh barrels of crude oil from Russia every day in the early month. This figure is at the high level of the last two years. In the month of May, India used to buy 19.6 lakh barrels of crude oil daily from Russia. In June, crude oil imports from the US reached 4.39 lakh barrels per day, which was 2.80 lakh barrels per day in May.

India is the third largest oil importer in the world

Let us tell you that India is the third largest oil importing country in the world. India imports an average of 5.1 million barrels of crude oil. After the Ukraine War, India is buying cheaper oil from Russia and has reduced imports from West Asia. For this reason, India’s oil imports from Russia have increased from one percent to 40 percent of the total imports.

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It is not possible to close hormuz straw

Sumit Ritolia of Capler says that it is not possible to completely close the hormuz strait. China, which is Iran’s largest oil buyer and imports 47 percent oil from the Gulf region. 96 percent of Iran’s oil exports are from the island of Khag, which is dependent on hormuz. In such a situation, Iran cannot harm itself by closing this route.