‘India to continue buying cheap Russian oil, discount to be finalised’ – Times of India

NEW DELHI: India will proceed to purchase “low-cost oil” from Russia however has not finalised phrases of the low cost, a senior authorities official aware of the matter stated on Wednesday.
“We are going to get low-cost oil from Russia,” the federal government official instructed reporters on Wednesday, including that the typical worth at which the world’s third largest oil importer buys crude is presently above $100 a barrel.
With issues that typical fee routes may very well be blocked on account of Western sanctions on Moscow, together with on banks, work was ongoing to arrange a rupee-rouble commerce mechanism to facilitate transactions, the official stated.
With out elaborating additional, the official added that no last determination had been taken and all potential methods to pay for items have been nonetheless underneath dialogue.
Whereas Russia’s oil exports have to not date fallen underneath Western sanctions, some worldwide merchants have averted shopping for the barrels given the disruption to fee programs and delivery.
The official additionally stated India was rising its dependence on coal on account of surging energy demand, including that state-run Coal India will produce extra coal within the coming months.


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