Today Russia is the largest supplier of oil to India, the third largest importer and consumer of oil in the world.
India’s state-owned oil refineries are conducting joint negotiations with Russia on a long-term oil import agreement. Reuters wrote this on Thursday, July 11.
India and Russia have yet to agree on import terms, particularly the currency in which payments will be made.
“General negotiations between state processors and Russia are already underway,” the source said.
It is noted that private oil refining companies Nayara Energy and Reliance Industries have already signed fixed-term contracts for importing Russian oil.
At other times, private refiners may join negotiations with their government counterparts.
Today Russia is the largest supplier of oil to India, the third largest importer and consumer of oil in the world.
India has become the biggest buyer of Russian offshore oil at a discount as Western companies cut back on purchases due to sanctions imposed on the Russian Federation over its all-out invasion of Ukraine.
Let’s recall that India’s oil imports from Russia rose in May to a record 2.1 million barrels per day, linked to a drop in China’s demand for Russian oil.
Earlier, British Foreign Secretary David Cameron proposed to “hunt down” the “ghost fleet” illegally transporting oil from the Russian Federation.
Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.