India is losing interest in oil from Russia. It is becoming more profitable for Delhi to purchase raw materials from suppliers in the Middle East. In an interview with Bloomberg about it declaration Hardeep Puri, Minister of Oil and Gas of India.
“Our dependence on Russian oil will decrease sharply. Price:%s [на нефть] “The Persian Gulf countries are now much more attractive,” he said.
Following the start of the special operation, oil from Russia began trading at large discounts to North Sea grade Brent, and India took advantage of this.
But the cost of Russian fuel for the country has increased. Previously the discount on Dubai grade Dubai Crude for the Urals was $20 per barrel, now it’s about $8. reported Bloomberg cites data from Argus analysts. As of August 10, the price of Russian raw materials supplied to the west coast of India approached $83 per barrel, including delivery shipping costs. A barrel of Ural was sold to India for $70 a month ago.
According to the report of the Organization of Petroleum Exporting Countries, Russia became the largest oil supplier to China and India in June 2023. In India, Russia, which provided 45% of total imports in June, has been seen as the leader in oil supply for a year. In June, India’s total oil imports decreased slightly from May to 4.7 million barrels per day, down 3%. Mint reported that Russia has also become the largest oil exporter to India in the 2022-2023 fiscal year.
before in india declarationthat the country is not dependent on oil resources from Russia.
Source: Gazeta
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