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India is staring at an 'oil shock' as U.S. sanctions on Russian crude loom

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87% Informative

U.S. recently announced sanctions on Russian oil producers, along with vessels that have been shipping barrels of Russian crude.

India imports 88% of its oil needs, with around 40% of that figure coming from Moscow .

Analysts say India will be hit the hardest by the sanctions, more so than China which has also been snapping up cheap oil.

Iran made up 4% of the world's oil production in 2023 , according to an EIA report.

The Indian economy is "significantly vulnerable" to fluctuations in oil prices.

Every $ 10 per barrel rise in oil price could lead to a 0.4% increase in headline inflation.