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<ul class="summary-list"><li>India is going to be a key driver in global oil demand growth for the next seven years, IEA said.</li><li>The country's oil demand is expected to increase by 1.2 million barrels a day by 2030, roughly a third of global demand gains.</li></ul>Move over, China. India is going to be the foremost driver of global oil-demand growth over the next seven years.According to a new <a href="https://www.iea.org/reports/indian-oil-market/executive-summary" target="_blank" rel="noopener">report</a> from the International Energy Agency, India's oil demand is expected to grow by 1.2 million barrels a day through 2030, which would make up roughly a third of the projected total over the period. The country was already the world's second-largest crude oil net importer in 2023."India will become the largest source of global oil demand growth between now and 2030, while growth in developed economies and China initially slows and then subsequently goes into reverse in our outlook," the IEA report said.That shift is expected to arrive as <a href="https://www.businessinsider.com/india-stock-market-catching-up-hong-kong-2023-12">India's economy keeps growing</a>, along with its population and demographics. The country's massive industrial expansion is also a harbinger of <a href="https://markets.businessinsider.com/news/commodities/oil-market-outlook-india-china-demand-growth-forecast-crude-prices-2023-12">soaring oil demand</a> — through 2030, the sector is expected to account for about half the rise of India's oil demand and over a sixth of total global oil demand growth.Meanwhile, <a href="https://www.businessinsider.com/china-economy-crash-real-estate-collapse-property-market-evergrande-bass-2024-2">China's economy</a> has been going the other way. Beijing's blemished post-Covid growth and a fracturing property sector has tanked its stock market. <a href="https://markets.businessinsider.com/news/stocks/foreign-investors-retreat-stimulus-chine-economy-growth-stock-market-csi300-2023-11">Foreign investors have also fled the market.</a>But beyond economic muscle, India's oil demand growth is also a symptom of the global energy crisis, the IEA noted, which has forced countries around the world to prioritize energy security. That concern is a big one for India, a country highly <a href="https://markets.businessinsider.com/news/commodities/russia-oil-india-ships-moscow-us-sanctions-ukraine-war-revenue-2024-1#:~:text=Russian%20oil%20tankers%20are%20turning,been%20unable%20to%20accept%20payment.?utm_medium=ingest&amp;utm_source=markets">dependent on oil imports.</a> It only produces 13% of its supply needs.Delhi has been pouring money into its refining sector in anticipation of that surging demand. The country is expected to add about 1 million barrels a day of new refinery distillation capacity by 2030, more than any other country besides China.According to the IEA, India's oil demand would be even stronger — about 480 kilo barrels a day — if it wasn't for their investment in the energy transition.

India will be the largest source of oil-demand growth for the next 7 years, IEA says

<ul class="summary-list"><li>Sanctions are pushing Russia into the arms of rogue states and deepening dependence on China, a think tank said. </li><li>The threat of sanctions against foreign lenders is crippling Moscow's war production, a note from CEPA said. </li></ul>Western sanctions are straining Russia's ability to fight in Ukraine, even if its war economy appears resilient and its <a href="https://markets.businessinsider.com/news/commodities/russia-economy-oil-price-increase-impact-tax-revenue-western-sanctions-2024-4?_gl=1*12m8y8e*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcxMjY4Mjc0Ny4yOTguMC4xNzEyNjgyNzQ3LjYwLjAuMA..">output seems largely unfazed</a>, a think tank expert said.Writing for the Center for European Policy Analysis, Stephen Blank noted that the Kremlin's issues are becoming more acute, especially considering the relationships it's formed to stay afloat."Its defense output is clearly facing problems given the Kremlin is <a href="https://www.businessinsider.com/russia-deals-north-korea-iran-no-laughing-matter-ukraine-experts-2024-3">constantly running</a> to North Korea and Iran for missiles, drones, and even artillery shells, thereby incurring serious IOUs that must be paid to these rogue states in the future," the Foreign Policy Research Institute senior fellow said.The way Blank sees it, that's a consequence of improving sanction efforts. Of note is a US executive order from December, allowing the Treasury Department to place restrictions on foreign financial institutions that support Russia's military industry. "This may well be a harbinger of a whole new generation of sanctions targeting Russian military production, not just the financial facilitators of Russia's war machine, but the trans-shippers, the intermediate companies, possibly even the salespeople and manufacturers that help Russia's war machine keep humming," he wrote for <a href="https://cepa.org/article/us-throws-spanner-into-russias-industrial-machine/">CEPA in January</a>. Already, this order has put off lenders in India, China, Turkey, and the United Arab Emirates from working with Russia, Blank said. Even an <a href="https://www.businessinsider.com/us-russia-western-sanctions-raiffeisen-foreign-bank-exit-deripaska-stock-2024-3">Austrian bank is under notice</a> from the US, due to a branch it holds in Russia. Not only is this slowing Moscow's defense production, it's cutting into its oil revenue, with energy firms in the country <a href="https://www.businessinsider.com/russia-china-economy-trade-oil-payments-sanctions-banks-delays-vtb-2024-4">waiting months to receive payments</a>. Individual sanctions have also targeted vessels carrying Russian crude above the Western $60-barrel price cap, reducing the Kremlin's ability to trade.With fewer available tankers, freight costs have climbed, and the discount Russia has offered on its oil has eroded. That's caused India to increasingly look <a href="https://markets.businessinsider.com/news/commodities/russia-oil-trade-crude-india-discount-barrel-sanctions-price-cap-2024-2">elsewhere for crude</a>, despite being the biggest buyer of seaborne Russian oil in 2023.Instead, China now bears that title, deepening a partnership with Moscow that favors Beijing."It also signals the Kremlin's growing dependence on China, which contradicts the entire raison d'être of Russian security policy, namely the assertion of its sovereignty and supposed rights as a great power," Blank said.Others have gone as far as calling Russia a <a href="https://www.businessinsider.com/cia-chief-ukraine-war-failure-for-russia-on-many-levels-2024-1">new economic vassal state</a> of Beijing, securing discounted oil for China and a large market for its products. Bilateral trade between the two countries hit $240 billion last year, while Chinese <a href="https://www.businessinsider.com/china-economy-outlook-exports-trade-war-russia-partnership-us-sanctions-2024-3">exports into Russia rose 12.5%</a> in the first two months of 2024. Although Blank considers criticism that sanctions have been ineffectual to be misplaced, he argued that more needs to be done for the West to fully cripple Russia's war efforts and disincentivize trade with it.The US and its allies, he said, need to provide a more robust strategy alongside these restrictions, such as timely weapons provisions to Ukraine, and counteroffensive measures to Russian disinformation.

Sanctions are squeezing Russia, turning up its dependence on China and 'rogue' states, think tank says

<keyword id="161914" type="General" weightage="20" keywordseo="godrej-agrovet" source="Orion">Godrej Agrovet</keyword> was allotted about 47,000 acres of land in Sangareddy district in Telangana for oil palm plantation, the company said in a release on Tuesday. Allocated by Telangana's Department of Agriculture and Cooperation (Horticulture and Sericulture), the allotted area will be utilized by the company to expand the cultivation of oil palm and set up processing units. Recently, Godrej Agrovet inaugurated an edible oil refinery at Chintalapudi in the Eluru district "We are delighted to receive additional district in the fresh allotment released by the Government of Telangana. It is a testimony of GAVL's commitment and efforts to boost oil palm plantations and promote farmer prosperity in the region. We would like to thank Government of Telangana for their support and commitment to this initiative which will benefit the farmers," said Balram Singh Yadav, Managing Director, Godrej Agrovet. The company has an expertise of more than three decades in the oil palm business. The Telangana government has set a target to extend the cultivation of oil palm across 20 lakh acres in the state. A total of ₹1,000 crore is proposed in the Budget for 2023-24 for oil palm cultivation. India is the world's second-largest consumer and number one <keyword id="451493" type="General" weightage="20" keywordseo="vegetable-oil" source="Orion">vegetable oil</keyword> importer, and it meets 60% of its need through imports. A large part of it is palm oil and its derivatives, which are imported from Indonesia and Malaysia. Although oilseed production in India has grown over the years, the production has lagged behind its consumption, resulting in continuous dependence on imports.

Telangana govt allots Godrej Agrovet 47,000 acres for oil palm plantation

<ul class="summary-list"><li>Refiners in India are reportedly cooling to the prospect of long-term deals with Russian oil firms, Bloomberg reported. </li><li>Three Indian refiners were in talks to receive 500,000 barrels a day from Rosneft. </li></ul>Top oil refiners in India are reportedly backing away from long-term contracts for crude oil from Russian suppliers amid intensifying US sanctions.<a href="https://www.bloomberg.com/news/articles/2024-03-06/india-cautious-on-contracted-russian-oil-as-us-sanctions-bite?srnd=markets-vp" target="_blank" rel="noopener">Bloomberg reported</a> that three of India's state-owned oil refiners had been in talks with Russian energy giant Rosneft to lock in 500,000 barrels a day, about equivalent to one-third of India's daily imports.The report from Bloomberg said India's largest state-owned refiner, Indian Oil, is considering slashing crude supply from Russia under its long-standing term supply, while two other big firms, Bharat Petroleum and Hindustan Petroleum, have not committed to long-term contracts with Russian suppliers. Contracted deals would reduce dependence on one-off purchases, which are more expensive, Bloomberg said. The move away from long-term deals for Russian crude comes as sanctions from the West crack down on Russia's oil trade, with India buying more from other nations like Saudi Arabia in February. Though Russia is still the country's biggest supplier of crude oil, Indian refiners are increasingly turning to <a href="https://markets.businessinsider.com/news/commodities/india-mideast-russian-crude-exports-discounts-sanctions-price-cap-puri-2024-1?_gl=1*1vds571*_ga*MTIzMDA5Njk4OS4xNzA3ODc2NDgz*_ga_E21CV80ZCZ*MTcwOTczMzcyNC4xMTMuMS4xNzA5NzMzNzcxLjEzLjAuMA..">Middle Eastern nations like Iraq, the UAE, and Saudi Arabia</a>. The shift dragged the country's Russian oil imports to the lowest level last month since January 2023. Sources told Bloomberg that in the upcoming fiscal year starting April 1, state refiners plan to meet 40% of their crude needs through spot deals, indicating a large volume of Russian oil will still flow to India.

Indian oil firms are reportedly backing away from long-term deals for Russian oil amid tough sanctions

<ul class="summary-list"><li>Shaun Mitchell left Halliburton for the offshore-wind industry in 2019 and quickly climbed the ranks.</li><li>In early 2023, wind farms became the largest source of electricity in the UK.</li></ul>Shaun Mitchell wasn't looking for a career change in 2019.The 30-year-old Scotland native had spent most of his career as an electrical technician at Halliburton, one of the world's largest oil-field-services companies. It offered Mitchell his first apprenticeship after he graduated from North East Scotland College in 2013 with a certificate in electrical engineering. He completed several years of training before heading off to work on offshore oil rigs.Mitchell saved enough money to take a six-month break and traveled through Thailand, New Zealand, and Australia. He was a freelance electrician in Sydney for a while but then returned home near Aberdeen, Scotland, and got his job back at Halliburton.In 2019, Mitchell heard from an old supervisor who had since moved into <a target="_blank" href="https://www.businessinsider.com/fastest-growing-career-wind-technicians-job-salary-us-2024-6">the offshore-wind industry</a>. Vestas, a wind manufacturer, was looking for technicians for a project in Aberdeen Bay, Scotland, and the supervisor recommended Mitchell for the job."I wasn't really sure because I was quite used to oil and gas, and I enjoyed it," Mitchell said.There were drawbacks, however. The work could be unpredictable."You'd get a call and have to go offshore the next day, not knowing if you'd be there a couple days or three weeks," he said. "The line of work is good when you're young. But when you start having more commitments, it becomes a little harder."Mitchell decided to take the interview with Vestas and left Halliburton, wanting to be a wind-turbine technician."A lot of my skills from working in the oil and gas industry passed straight into the wind industry, which was really beneficial for me," Mitchell said, adding that wind farms are managed by automated control systems, similar to oil and gas equipment.<div type="image" title="A wind turbine under construction off the coast of Scotland." height="1792" width="2500" msid="111265327" hostid="261" sizebytes="724556"></div>He made the jump at a good time. While the UK has been a leader in offshore wind for more than two decades, development has sped up in the past few years — particularly in Scotland — as countries race to meet renewable-energy goals. The UK has the second-largest offshore sector behind China. By early 2023, <a target="_blank" href="https://www.reuters.com/world/uk/british-wind-power-overtakes-gas-first-time-q1-2023-report-2023-05-10/">wind farms became the UK's largest source of electricity</a>, surpassing natural gas.Britain this year budgeted £1 billion, or about $1.3 billion, for renewable-energy subsidies, with 80% of the funds set aside for new offshore wind farms, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-03-05/uk-to-offer-record-800-million-support-for-offshore-wind-farms">Bloomberg reported</a>. The UK government wants to boost offshore-wind capacity by almost fourfold by 2030, and overall employment in the sector <a target="_blank" href="https://www.thecrownestate.co.uk/news/offshore-wind-industry-unveils-industrial-growth-plan-to-create-jobs">is expected to triple</a> by then.In the US, <a target="_blank" href="https://www.bls.gov/ooh/fastest-growing.htm">wind-turbine technician is the fastest-growing job.</a> While the absolute number of new jobs isn't that big, it represents a projected 45% increase between 2022 and 2032, more than any other occupation. <a target="_blank" href="https://gwec.net/global-wind-workforce-outlook-2023-2027-pr/">Industry groups forecast</a> global demand for about 240,000 new recruits by 2027 across countries including Australia, Brazil, China, Colombia, Egypt, India, Japan, Kenya, South Korea, and the US.Mitchell spent more than four years at Vestas, starting as a technician and quickly moving up to deputy service supervisor and then shift supervisor. Vestas provided training that paved the way for Mitchell's advancement.He said that offshore-wind technicians' day-to-day depended on the weather. The seas can't be too rough; otherwise, it's risky for the crew to travel to the wind farm.The sizes of the vessel and the crew also matter. A larger boat can handle rougher waters. That means there's more work and less downtime. But technicians tend to work a couple of weeks on, a couple of weeks off — so they're away from home for extended periods.Smaller vessels have to wait for the right weather conditions and ferry back and forth to port each day. Technicians can go home each night, but there's more downtime, especially in the winter, Mitchell said."It's rare that an entire wind farm will go down," he added. "But there has been times when multiple turbines go down, but the weather's so rough there's nothing you can do."<div type="image" title="An offshore wind turbine under construction." height="2580" width="4213" msid="111265328" hostid="261" sizebytes="629474"></div>In October, Mitchell left Vestas for Ocean Winds, a joint venture between EDP Renewables and Engie that's focused on offshore-wind development. He's now the operations and maintenance supervisor at Ocean Winds' Moray West project off the coast of Scotland.The 882-megawatt project is still under construction. Once it's finished, it will generate enough power for about 1.3 million homes. Mitchell's team will be responsible for maintaining the wind farms' infrastructure both above and below the water, including the cables that carry power to onshore substations.Mitchell said he'd been able to advance his career in the wind industry a lot faster than in oil and gas. Ocean Winds declined to disclose salary information."Oil and gas is quite well established. It's been around for years and years, so there aren't many opportunities to move up quickly," Mitchell said. "With offshore wind, there's always new sites going up, and they need so much personnel. I got in at a lucky time."

A millennial who switched from working on oil rigs to wind turbines says he's been promoted faster in renewable energy

<ul class="summary-list"><li>Over a month's worth of Russian crude-oil production is stranded near South Korea.</li><li>Currency disagreements with importers have left 14 cargo tankers idling.</li></ul>Tankers carrying over a month's worth of Russian oil production have been stuck in a weeks-long limbo, as US sanctions and payment disagreements keep buyers at bay. Vessels loaded with 10 million barrels of the Russian Sokol crude have been idling around the South Korean port of Yosu, <a href="https://www.reuters.com/markets/commodities/russia-struggles-sell-pacific-oil-14-tankers-stuck-sources-data-2024-01-26/" target="_blank" rel="noopener">Reuters</a> reported. To save on freight costs, three supertankers have become a floating storage, accepting product from smaller vessels ship-to-ship.In total, 14 ships have sat stranded as importers of Russian crude are unable to settle on a currency with which to pay for the oil. Payment disagreements between India and Russia have spanned for months now: After Russia had issues repatriating its <a href="https://www.businessinsider.com/dedollarization-russia-dollar-yuan-billions-india-struggle-use-ruble-2023-6">massive stockpile of Indian rupees</a>, it has insisted on using the Chinese yuan, something New Delhi seeks to avoid. The lack of common ground has started impacting the trade between the two major oil partners, as India has recently <a href="https://markets.businessinsider.com/news/commodities/india-mideast-russian-crude-exports-discounts-sanctions-price-cap-puri-2024-1">turned to the Middle East</a> to source its crude imports. And despite millions of Russian barrels ready to offload, there's no indication that could happen soon. An Indian Oil Corp source told Reuters that the firm doesn't anticipate receiving any Sokol grade oil in the near term. That's also as the US has started to clamp down harder on restrictions that aim to curb Moscow's energy trade. Since October, the US Treasury has sanctioned <a href="https://markets.businessinsider.com/news/commodities/russian-economy-oil-markets-india-tankers-sanctions-crude-prices-sokol-2023-12?utm_medium=ingest&amp;utm_source=markets">eight cargo ships</a> that carried crude above the $60 price cap, a measure imposed on Russia following its invasion of Ukraine. In mid-January, India's Petroleum and Natural Gas Minister Hardeep Singh Puri acknowledged that Western sanctions were a factor in pursuing alternative trade: "In the Russian case, it is a question of price cap and it is also a question of some of their shipping entities coming under adverse notice of others."Russia is highly dependent on its energy trade. While <a href="https://markets.businessinsider.com/news/commodities/oil-market-supply-russia-opec-saudi-arabia-us-production-commodities-2023-12">flows have remained high</a>, Moscow's tax revenue from oil and gas still <a href="https://markets.businessinsider.com/news/commodities/russian-energy-revenue-crude-oil-prices-gas-exports-sanctions-ukraine-2024-1">dropped 24% in 2023</a>.

10 million barrels of Russian oil are stuck with nowhere to go

Manufacturing of electric vehicles (EVs) in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> will increase its dependence on <keyword id="1334" type="General" weightage="80" keywordseo="china" source="Orion">China</keyword> for raw materials, mineral processing, and battery production, according to a report of by the economic think tank <keyword id="15910220" type="General" weightage="100" keywordseo="gtri" source="Orion">GTRI</keyword>. The Global Trade Research Initiative (GTRI) also said that there is a need for life cycle impact evaluation for the EVs sector EVs result in the release of pollutants during battery making, disposal, and charging and about 70 per cent of materials used to manufacture EVs in India are imported from China and a few other countries, it said. "EVs will increase India's dependence on China for raw materials, mineral processing, and battery production," it said. China has bought the largest lithium mines in Australia and South America. It processes more than 60 per cent of the lithium produced globally. It also processes 65 per cent of cobalt and 93 per cent of manganese. China makes three out of four batteries produced globally, it said, adding over 100 Chinese battery units make 60 per cent of the cathodes and 80 per cent of the anodes used in lithium-ion cells. The report pointed out that EVs have implications for jobs and pollution and it identified 13 issues related to the interests of consumers, industry, and the government for an evaluation. The issues include the high prices of these vehicles, the fitness of EVs for a long journey, performance under extreme weather, increase in power demand, less fit for public transport, increased dependence on China, no reduction in pollution, disruption of the auto component sector, and inadequate availability of lithium. "EVs with lithium-ion batteries are at best a work-in-progress innovation. We must understand the long-term impact of EVs on jobs, pollution levels, imports, and economic growth," GTRI co-founder <keyword id="504704" type="General" weightage="50" keywordseo="ajay-srivastava" source="Orion">Ajay Srivastava</keyword> said. On the pollution issue, it explained that a typical 500-kilogram lithium car battery uses 12 kg of lithium, 15 kg of cobalt, 30 kg of nickel, 44 kg of copper, and 50 kg of graphite. It also uses about 200 kg of steel, aluminium, and plastics. Mining extraction, transport, and processing of these materials release pollutants and CO2, leading to air and water pollution, it added. "The battery's life is 6-7 years; after which it needs to be recycled. Recycling is complex as the battery contains many toxic materials that are challenging to dispose of. Firms promoting EVs talk about zero tail-pipe emissions but are silent on mining and disposal costs," the report said. Further, it said that EVs will only increase pollution as the batteries are charged from coal-generated electricity. India generates 60 per cent of its electricity from fossil fuels like coal and petroleum, and of this, coal accounts for 50 per cent. "Electric cars only make sense when most power comes from renewable energy," it said, adding that EVs will disrupt India's auto-component industry with 700 organised and 10,000 unorganised manufacturers. It also said that EVs will end the existence of lakhs of shops/garages selling spare parts, changing oil, and servicing vehicles. Further, it said that EV is not a global phenomenon and the push for it is coming from Europe, which is introducing the Carbon Border Adjustment mechanism to protect their polluting industry and disrupt global trade. "There is no standardisation in the charging port for electric scooters. Each firm issues its charging port model. Unless the charging ports are standardised, each maker has to set up separate charging infra across the country," it added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/imdb-shares-top-rated-indian-films-nominated-for-oscars/slidelist/98470341.cms">Two-decade-old Lagaan outscores RRR amongst Oscar-nominated Indian movies on IMDb</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/world-faces-biggest-cholera-surge-in-20-years/articleshow/98470190.cms">World faces biggest cholera surge in 20 years</a>

EVs will increase India's dependence on China for raw materials, battery production: GTRI report

<ul class="summary-list"><li>Despite pressure from Western allies, India has refused to isolate Russia over the Ukraine war.</li><li>India's Narendra Modi this week spoke with both Ukraine's and Russia's leaders.</li></ul>When <a target="_blank" class="" href="https://www.businessinsider.com/narendra-modi-won-already-seeing-cost-him-allies-cabinet-funding-2024-6">Narendra Modi</a> visited Ukraine over the weekend, he greeted its president Volodymyr Zelenskyy with an exuberant bear hug.He did the same <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-india-modi-putin-hug-west-isolation-big-blow-2024-7">to Vladimir Putin</a> only weeks ago when he traveled to Moscow to meet the Russian president, much to the anger of Zelenskyy."It is a huge disappointment and a devastating blow to peace efforts to see the leader of the world's largest democracy hug the world's most bloody criminal in Moscow on such a day," Zelenskyy wrote on X at the time.Modi's visits to both Ukraine and Russia characterize his relentless ambiguity on the Ukraine war. He has not condemned nor supported the invasion and is now acting as a peacemaker.The diplomatic highwire act highlights the dilemma Modi faces as he seeks to balance pressure from the US to show more support for Ukraine against <a target="_blank" class="" href="https://www.businessinsider.com/modi-putin-russia-india-relationship-not-worried-us-biden-mad-2024-7">maintaining good ties with Russia.</a><h2 id="5631f287-50fa-42fc-9492-15da89d39bf8">A quick end to the war</h2>In the wake of the Ukraine trip, Modi called Putin. In a post on X, Modi said he reiterated "India's firm commitment to support an early, abiding and peaceful resolution of the conflict."Dinakar Peri, a fellow at the Council for Strategic and Defense Research, told Business Insider that Modi's Ukraine visit was high on symbolism."Although the image of India being a peacemaker is largely rhetoric, the fact of the matter is that India is definitely uniquely positioned in comparison to many other countries due to the kind of bandwidth they have with Russia," said Peri.Rahul Bhatia, an analyst with the Eurasia Group, told BI that while India is reluctant to come down on one side in the Ukraine war, it sees grave dangers in a prolonged conflict in Ukraine."India has sought to take a balanced approach to the war in Ukraine. New Delhi wants to maintain its relationship with Russia regardless of its diplomatic isolation," said Bhatia.<h2 id="bb68f21a-9c73-4a16-a530-190e801237c5">India's ties with the Kremlin are tested</h2>Modi's insistence on not taking a side in <a target="_blank" class="" href="https://www.businessinsider.com/russian-murder-convict-ivan-rossomakhin-kills-again-joins-army-wagner-2024-8">Ukraine</a> is likely to baffle and frustrate many Western observers, but analysts say there are vital economic and strategic goals behind India's position.India has long had <a target="_blank" class="" href="https://www.businessinsider.com/putin-bid-undermine-global-ukraine-support-working-zelenskyy-peace-2024-6">close diplomatic ties with Russia</a>. During the Cold War, it relied on the Kremlin for military support while the US-backed regional rival Pakistan.It now depends on Russia for oil supplies, surpassing <a target="_blank" class="" href="https://www.businessinsider.com/xi-china-putin-russia-frenemies-limits-power-sphere-influence-2024-7">China</a> this week to become Russia's top oil importer."Most of the oil India imports from Russia is actually going to Europe," said Peri. "India is just a conduit — the oil is refined here, and the refined petroleum products are going to Europe as we speak.""In that way, India has played the middle role of stabilizing the larger global economy, which would otherwise have gone for a toss."Peri also pointed out India's dependence on Russia for military equipment, as well as upgrades and spare parts."Around 60% of Indian military equipment is of Russian origin," said Peri. "We have received a lot from other countries in the last few decades, like France, Israel, and increasingly so from the US, but we're still heavily Russian-oriented."But the Ukraine war has shaken up India's relations with the Kremlin.The US is pressuring India to help isolate Putin as punishment for the Ukraine invasion, and India is worried about the Kremlin's increasingly close relationship with China, which has backed Russia amid the Ukraine invasion."India-US ties are not just about Russia or the war in Ukraine," said Peri. "They're also about trade and strategic cooperation, which in some cases is also underpinned by concerns over China or the larger developments in the Indo-Pacific."<h2 id="4c3050d8-adb0-46af-b14f-2689f19f7caa">India sees Russia as a buffer against China's aggression</h2>India has long been concerned about China's increasing aggressiveness in Asia, with a Himalayan border dispute erupting into clashes that left 24 people dead in 2020.Indian and Chinese militaries have been engaged in a standoff on the disputed region of Ladakh since 2020. Although the countries have disengaged on several points, the standoff has continued.Peri said that is India dependent on good ties with the Kremlin to help mitigate that threat: "The standoff created new dynamics for India, and those are all factors which will be in Indian calculations on the stand it takes."Bhatia agreed that India has an eye on China when it engages with Russia. "While New Delhi accepts that Russia and China will gradually grow closer, it believes that maintaining a good relationship with Moscow will ensure that Russia remains neutral when India-China border tensions flare up," he said.It also relies on close ties with the US to help counter China's aggression, reviving the "Quad" dialogue with the US, Australia, and Japan in 2017 to counter China's threat.In the meantime, Modi will likely continue India's tightrope act, maintaining its alliance with the US while seeking not to alienate the Kremlin as it warily watches China's growing might.

You Searched For "india oil dependency" and got 8 results

India will be the largest source of oil-demand growth for the next 7 years, IEA says

Aruni Soni

Sanctions are squeezing Russia, turning up its dependence on China and 'rogue' states, think tank says

Filip De Mott

Telangana govt allots Godrej Agrovet 47,000 acres for oil palm plantation

ANI

Indian oil firms are reportedly backing away from long-term deals for Russian oil amid tough sanctions

Yuheng Zhan

A millennial who switched from working on oil rigs to wind turbines says he's been promoted faster in renewable energy

Catherine Boudreau

10 million barrels of Russian oil are stuck with nowhere to go

Filip De Mott

EVs will increase India's dependence on China for raw materials, battery production: GTRI report

PTI

India's refusal to take a side in the Ukraine war is frustrating the West. But it has its reasons.

Hannah Abraham,Tom Porter

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