The expectations have risen to overcome the dependence on Russia because of high Russian shipments of crude oil since Indian refiners started depending more on Russian crude in 2022. Yet Russian oil shares overall two-thirds imports of India’s oil demands.
India is expected to surge its oil purchase from the United Arab Emirates in the upcoming months following discussions between the two countries on the sidelines of the ongoing COP 28 summit in Dubai. Historically, the UAE has been considered India’s third largest source of crude.
In 2021, UAE, exported almost 58.5B dollar in crude petroleum. The main destinations of exports were Japan, India, China, Singapore, and Thailand. The UAE economy is heavily reliant on revenues from petroleum, and natural gas, especially in Abu Dhabi.