If buying oil from Russia, if India stops, what will happen this will increase the prices of oil in the whole world

Its direct impact will not only have to suffer Russia or India, but also the American public and Donald Trump itself. When Russia was first banned for the first time in 2022, there was a difference of $ 30 per barrel in oil prices between Brent crude and Russian Ural grade. But today this difference has come down to just $ 2-3, that is, India is not getting too much financial benefit now. If India takes 1.5 to 2 million barrels of oil daily from Russia, then there is a saving of $ 1-2 billion in a year. But this amount is not very big for a 4 trillion dollar economy like India.

Despite such a small number, Western media and politicians have been blaming China and India for the last three years, and have even said that both of them are benefiting from the plight of Ukraine people. At the same time, many US MPs allege that India is giving funding to Russia to fight the war. But the truth is something else. Russia produces about 95 million barrels of oil daily. Keeping in mind the domestic consumption, it exports about 70 million barrels of oil and refined products, out of which about 45 lakh barrels of crude oil are exported. Less than about 40 lakh barrels are sent by sea route and less than half of it now comes to India.

What will happen if India stops buying oil from Russia?

If India stops buying oil from Russia, then America will be happy. But oil prices will be set on fire all over the world. Experts say that the demand for oil is weak worldwide, the supply of OPEC countries is increasing and the oil reserves are also high, so it is to give some relief to some extent, but still the price of crude oil can increase by 10 to 15 dollars per barrel. This will lead to a loss of billions of dollars for India. But oil prices will increase around the world. Experts say that the risk of recession and inflation (called stagflation) will increase. Fuel prices will also increase in America, which will increase political pressure on the government there. In America, only inflation at petrol pump can change the electoral equation.