The latest report by S&P Global highlights that geopolitical tensions and shifting trade policies could potentially have a negative impact on the global oil demand.
The report emphasised that these purchases, totalling an estimated 1.95 million barrels per day (b/d), were pivotal in averting potential chaos in the crude oil market and preventing a surge in prices by approximately USD 30-USD 40 per barrel.
India's crude oil imports from Russia have increased manifold in the past few months so as to secure the country's energy security. A large portion of India's energy demand is met through imports.