Citing Russia’s major role in global oil markets, the sources said the country is the second-largest producer of crude oil, contributing approximately 9.5 million barrels per day—about 10% of global demand. Russia also ranks as the second-largest exporter, shipping around 4.5 million barrels of crude oil and 2.3 million barrels of refined products daily.

Brent crude prices had surged to $137 per barrel in March 2022 amid fears of Russian oil being removed from the global market and disruptions to traditional trade flows.

“In this challenging environment, India—being the world’s third-largest energy consumer and 85% dependent on crude oil imports—strategically adapted its purchases to secure affordable energy in full compliance with Comintern rules,” the sources added.

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