CURRENT AFFAIRS

Detailed explanation-1: -India’s Imports From OPEC Hit All-time Low As Russian Oil Purchases Peak. India’s oil imports from the oil producers cartel OPEC plummeted to an all-time low of 46 per cent in April as purchases of cheaper Russian crude peaked, according to recently disclosed industry data.

Detailed explanation-2: -India’s crude oil imports from Russia have doubled over the past year, reaching a new high of 1.64 million barrels per day in March. The increase has made Russia the single largest supplier of crude oil to India, accounting for over a third of all oil that India imports.

Detailed explanation-3: -India imported around 1.6 million barrels per day of Russian crude oil. Russia accounted for around 40 per cent of India’s total crude oil imports in February this year.

Detailed explanation-4: -Over the observed period from the beginning of 2021, German crude oil imports from Russia peaked at more than 2.8 million metric tons in January 2022. At the same time, Germany has imported no gas from Russia since September 2022.