On August 3, 2022, US President Joe Biden cut off all imports of Russian Oil and Gas. It was part of the “Sanctions” package that the United States imposed on Russia due to their Special Military Operation in Ukraine. The US Sanctions meant that Russia lost a customer who purchased more than 700,000 barrels of oil, gas, and other refined products daily.
Seizing an opportunity, Indian Prime Minister Narendra Modi approached Russia about buying some of that Russian Oil and Gas. You can read our article detailing Modi’s strategy here:
https://www.valueside.com/2023/07/02/how-narendra-modi-turned-india-into-an-oil-exporting-powerhouse/
In one fell swoop, India, one of the world’s primary energy importers, gained relatively inexpensive petroleum and thereby reduced one of its chief drivers for inflation. Today India announced that the fuel price in India has fallen by over 12% this year, while inflation is a negative 4% plus.
India has become an example to the world of the benefits of a cheap energy policy.
For the complete report on Inflation in India, go here:
