RUSSIAN – UKRAINIAN WAR & ITS IMPACT ON CRUDE AND INDIAN ECONOMY
The world economy is just coming out and recovering from the blues of the pandemic and yet again we are with another crisis i.e., “The Russian & Ukrainian War” (R-U war) and it seems no end to the combat which hurts the crude oil market. Battles are of no good to society as they bring destruction. The Ukraine and Russian war is causing havoc and posing a serious threat to the world economy, especially the crude oil market all around the world. R-U war caused a constant increase in the price of crude oil and the price of crude rose to $ 94.64 resulting in a surge in inflation levels. Eight months of war destroyed Ukraine and the impact is felt all around the world. India is not an exception, the tremors are already felt in the form of price pressures and inflation. On the other hand OPEC is accepting the discounts in Russian crude oil supply to buyers like China and India, while western consumers are pulling down global demand. India’s procurement of discounted Russian crude oil is based on serving National interests and this phenomenon will be continuing as of now. In October 2022, Russia emerged as India’s top oil supplier. The present study is an attempt made to analyze the impact of Russian-Ukrainian war on Indian crude oil market and its economy.
Indian economy, crude oil market, Russian-Ukrainian war, oil refineries, Inflation