India’s situation is becoming serious due to the rivalry between America and Russia. Especially when it comes to import of oil and gas. A slight rise in crude oil prices was seen on Monday, which may further increase the burden of expenditure on India. In fact, the consumption of gas and oil in India has increased compared to before. This is the reason why the expenditure on import of oil and gas has also increased.
If we talk about the first seven months of the financial year (FY25), this expenditure has increased by about 15 percent. According to new data from the Petroleum Ministry, from April to October 2024, India’s total expenditure on oil and gas imports was $79.3 billion, up from $69.2 billion last year. In such a situation, if there is an increase in the prices of crude oil, it will be an alarm bell for the Indian economy.
The rivalry between Russia and America is increasing the concern
America’s intervention in the increasing tension between Russia and Ukraine is being said to be the reason behind the increase in crude oil prices on Monday. In fact, recently there was a major change in American policy regarding the Russia-Ukraine war, under which America has allowed Ukraine to use American-made weapons to attack Russia. It is believed that this will directly impact the prices of crude oil. Oil and gas market expert Tony Sycamore said that America’s permission to Ukraine to attack the Russian army around Kursk with long-range missiles is likely to increase oil prices again. p>India is dependent on imports
Let us tell you, India is the third largest consumer of crude oil in the world and its dependence on imports is also more than 85 percent. Apart from this, India is also a big consumer of natural gas and imports more than 50 percent of the gas to meet its demand. In such a situation, if the dispute between Russia and America increases and it impacts crude oil, then India will be directly affected.
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