India is making history on the world stage

India is writing a new story everyday on the world stage. Many developing countries are considering following India as their privilege to follow us. All the big countries of the world have understood very well that India has a future and this is the reason why the countries of the world do not want to spoil relations with India at any cost. Now Gulf countries have also joined this category. The Gulf countries have made it very clear that they will not leave India and go with Europe at any cost.

In fact, the Western countries are after Russia after the war with Ukraine. They are trying to bring Russia to its knees through all kinds of sanctions, but Russia is also not ready to give up. Almost all European countries have been largely dependent on Russia’s oil and gas. However, the European Union has decided to cut oil and gas purchases from Russia by 90 percent by December 2022. That is, all these countries want to almost eliminate their dependence on Russian oil by the end of this year. There is a need to explore alternatives.

For this, European countries are ready to go to the Gulf countries. They want to take the help of Gulf countries to meet their demand, but the Gulf countries are not ready to supply oil to Europe by cutting off India’s supply. According to a report in The Economic Times, officials of refiners operating in India It said Gulf oil exporters will not cut crude oil supplies to India to meet the growing demand from Europe. Refiners operating in India get close to 60 per cent of their oil requirement through term deals. Negotiations for an annual crude purchase deal are currently underway.

Negotiations for the term starting January will start by September-October. Our term deal is not likely to be affected during the talks, the refiner official said. I don’t think the Gulf countries are going to reduce the volume of the firm in any significant way. They can meet Europe’s demand but will not cut India’s oil supply at any cost. By doing so they would not want to sour their decades-old ties with India, the world’s third largest oil consumer and crude oil importer.
India has made its compulsion stronger
It is worth noting that Arab countries have plenty of oil. If seen, they have nothing special except oil and their nation also runs on its exploitation. Gulf countries have been supplying oil to India for decades. The share of Gulf countries in India’s crude oil imports is about 60 percent. This is the reason why they do not want to spoil their relations with India to meet the oil supply of Europe because they know that India will need them in future also.
European countries which are waiting to meet their oil requirement from the Gulf countries, it will surely be a big setback for them. Since the beginning of Russia-Ukraine, Western countries have been imposing all the sanctions on Russia to create pressure, but all their bets are falling in reverse. The sanctions of Western countries on Russia do not seem to have much effect, but the problems of Western countries are definitely increasing due to this.
Let us tell you that at one time it was India’s compulsion to import oil, but now India has made it its strength. When Western countries tried to isolate Russia, India also supported Russia and also bought a huge amount of oil from Russia at a low price. Today Russia has become the second largest oil supplier to India after Iraq. Indian refining companies bought about 25 million barrels of Russian crude in May, which is 16 per cent of India’s crude oil imports. Earlier the share of Russian oil in India used to be less than one percent. The Gulf countries are beginning to fear that in the matter of oil imports, an old partner like India may be snatched away from them. So they are not ready to settle for India at any cost and hence they are ready to sidestep even the demand of Europe.