India has helped keep the global crude market sane. A more than 40% share of Russian crude in India’s energy basket might appear as a massive concentration of eggs in one basket. But this strategy has assisted in cooling the inflationary headwinds the economy faced. Reliance on Russian crude has infact helped India diversify meaningfully and lowering reliance on OPEC.
An alternate view could have been a potential increase in global crude price if Russian crude failed to find a market which India and China muscled. Refined petroleum from India has found its way in to Europen markets too. Therefore, this stratgey in a way regulated OPEC, preventing it from heating global prices by snipping supplies and regulating output quotas.