India’s oil imports from Russia fell due to unattractive pricing, Oil Minister Hardeep Singh Puri has stated. File
| Photo Credit: Reuters
New Delhi
India’s oil imports from Russia fell due to unattractive pricing, and not due to payment issues, Minister of Petroleum and Natural Gas Hardeep Singh Puri stated on January 3. “There is not any payment drawback…It is a pure perform of the worth at which our refineries will purchase,” Mr. Puri advised a press convention.
“India’s leadership has only one requirement that the Indian consumer gets the energy at the most economical price, without disruption,” he stated, including that India buys 1.5 million barrels per day of Russian oil on a mean. He stated oil firms have not but complained to him about dealing with any issues in settling funds for oil imports.
“If they (Russia) don’t offer us (good) discount why would we buy from them,” Puri stated in Hindi, including that new oil producers in different areas are keen to supply higher reductions than Russia on crude gross sales. He refused to elaborate on new suppliers which are providing higher costs.
In December 2023, India’s Russian oil imports fell to an 11-month low as 5 ships loaded with gentle candy Sokol grade headed to different places after the U.S. imposed sanctions on some vessels and shippers for not complying with the G7-fixed $60 per barrel value cap for oil at Russian ports.
India, the world’s third largest oil importer and client, emerged as a high purchaser of sea-borne Russian oil bought at a reduction after Western entities retreated following Moscow’s invasion of Ukraine. He stated the worldwide markets have loads of oil and there can be no provide constraints.
