After the United States and its allies placed sanctions on Russia, Russia has given India inexpensive crude oil and other commodities. In the face of geopolitical changes that pose serious threats to India’s energy security, India welcomes competitive proposals from all energy providers, including Russia. The rise in global fuel prices since the start of the Ukraine conflict has exacerbated India’s problems, and the need for competitive sourcing has risen as a result. In March, Russian oil exports to India doubled. In March alone, Russia exported 360,000 barrels of oil per day to India, roughly four times the average for 2021. Based on current shipment schedules, Russia is on track to produce 203,000 barrels per day for the entire month. Russia is on track to hit 203,000 barrels a day for the whole month, based on current shipment schedules. Geopolitical developments have posed significant challenges to India’s energy security. For obvious reasons, the country had to stop sourcing oil from Iran and Venezuela – two of the cheapest sources of energy for New Delhi – because of US sanctions.
