Business

India Open to Buying Russian Oil Beyond G-7 Price Cap Due to OPEC+ Cuts

The conflict between Ukraine and Russia has prompted discussions regarding India’s persistent purchase of Russian oil. With a focus on its own interests, New Delhi has been obtaining oil from Moscow at a significant markdown since the international community implemented sanctions against the Kremlin. In light of these circumstances, Finance Minister Nirmala Sitharaman has suggested that India may consider procuring Russian crude oil at or above the price limit established by the G-7, if required.

Also Read: In FY23, India could post 7% growth.

During a media interview on Saturday, Finance Minister Nirmala Sitharaman explained that it was necessary to consider affordable prices for the large population of India, otherwise, the cost would exceed far more than what the nation can afford.

Although India has not entered into any agreements with Western powers to limit the price of Russian oil, officials had previously suggested that the country was unlikely to violate the sanctions against Russia. However, a recent unanticipated reduction in oil production by OPEC+ seems to have caused a shift in this stance.

Also Read: 16 April 2023: Petrol-Diesel Rates Constant, Yet Crude Oil Price Reaches To $86 Per Barrel

The Finance Minister stated that India, which imports almost 80% of its crude oil needs, must continually seek out the optimal deal. She identified the danger of increased oil prices and the effects of Russia’s conflict in Ukraine as the most significant risks to India’s economic development.

In March of this year, despite Western sanctions, Russia’s crude oil exports surged to their highest level in nearly three years. Moscow’s crude exports increased by 100,000 barrels per day to reach five million barrels per day, and India supplanted China as the primary destination for Russian shipments in Asia. However, revenues were substantially lower than the previous year.

Shruti Rag

Recent Posts

JP Nadda Slams Rahul Gandhi’s ‘Match-Fixing’ Claims As ‘Desperation Of Losing’ Polls

Rahul Gandhi's opinion piece appeared in a national daily and sparked political uproar. Opposition parties…

9 mins ago

Poverty In India Reduced Via Tangible Boost In Household Living Standards, Incomes

In 2022–23, poverty under the revised $3.00 line stood at just 5.25 per cent in…

29 mins ago

Chhattisgarh: Seven Maoists Killed In Indravati National Park Operation

Five Maoists were killed in two separate encounters with security forces in Chhattisgarh’s Bijapur district,…

1 hour ago

Carney Invites Modi To G7 Summit, Highlights India’s Global Supply Chain Role

Canadian Prime Minister Mark Carney said the most populous country, with the fifth-largest economy, must…

1 hour ago

RBI Frontloads Rate Cuts To Boost Growth Amid Low Inflation: Crisil

The Reserve Bank of India (RBI) has frontloaded its rate cuts to support economic growth,…

2 hours ago

PM Modi Urges Global Action On Coastal Resilience At Nice Summit

PM Narendra Modi on Saturday called for urgent global action to build infrastructure that can…

2 hours ago