Moneycontrol | India to keep buying crude from wherever possible, including Russia: Top official

Dec 03,2022

India will continue to buy oil from wherever possible, including Russia, said a senior official from the Ministry of Petroleum and Natural Gas.

“We will continue to buy from wherever we need to buy. No country is off our list as of now,” said the official.

The European Union governments on December 1 agreed to tentatively impose a $60 per barrel price cap on Russian oil. The agreement still needs written approvals from EU governments.

The official from the Petroleum ministry said that we are waiting for more clarity on the EU sanctions.

The group of seven advanced economies (G7), which consists of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, with the European Union as a “non-enumerated member”, had agreed to implement a price cap on oil exports from Russia by December 5 to limit its largest source of income.

Russia, on the other hand, warned countries by saying that it would stop selling oil to countries that impose a price cap on Russian oil, destabilising global oil markets.

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri has often said that India will examine the prospect of a price cap on Russian oil and will respond according to its supreme national interest.

Several European countries—which were the biggest market of Russian oil—have imposed sanctions on Russia after its invasion of Ukraine.

Meanwhile, Russia is supplying discounted oil to India and has joined the list of India’s top importers for crude oil.​Moneycontrol | India to keep buying crude from wherever possible, including Russia: Top official

India will continue to buy oil from wherever possible, including Russia, said a senior official from the Ministry of Petroleum and Natural Gas.

“We will continue to buy from wherever we need to buy. No country is off our list as of now,” said the official.

The European Union governments on December 1 agreed to tentatively impose a $60 per barrel price cap on Russian oil. The agreement still needs written approvals from EU governments.

The official from the Petroleum ministry said that we are waiting for more clarity on the EU sanctions.

The group of seven advanced economies (G7), which consists of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, with the European Union as a “non-enumerated member”, had agreed to implement a price cap on oil exports from Russia by December 5 to limit its largest source of income.

Russia, on the other hand, warned countries by saying that it would stop selling oil to countries that impose a price cap on Russian oil, destabilising global oil markets.

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri has often said that India will examine the prospect of a price cap on Russian oil and will respond according to its supreme national interest.

Several European countries—which were the biggest market of Russian oil—have imposed sanctions on Russia after its invasion of Ukraine.

Meanwhile, Russia is supplying discounted oil to India and has joined the list of India’s top importers for crude oil.​