India is reportedly calling on state oil companies to go big in buying up cheap crude oil from Russia
- The Indian government has asked state-owned
oilcompanies buy large volumes of cheap Russian crude, The Wall Street Journal reported.
- Russian crude prices plunged after Moscow invaded
Ukrainein late February, prompting sanctions by Western nations.
The Indian government has asked state-owned oil companies to buy large volumes of Russian crude as prices have fallen sharply during Moscow's war against Ukraine, The Wall Street Journal reported on Tuesday.
Oil executives in
Western sanctions triggered by Moscow's invasion of Ukraine in late February sent Russian crude prices plunging. A popular grade known as Urals had fallen to as low as $37 below the Brent benchmark.
Indian companies have been finding workarounds to keep purchasing Russian oil despite the latest round of sanctions from Europe, the report said. To boost the appeal of its oil, Rosneft has allowed traders to pay for its crude months after delivery without a letter of credit from a bank, the Journal reported.
India's purchases of Russian oil are commercially driven, with the country struggling to contain surging inflation as energy prices have spiraled higher. The Indian government has kept a neutral position in the war between Russia and Ukraine.
Brent crude, the international benchmark, has climbed about 47% so far this year, trading above $114 during Tuesday's session.
- 'Quiet quitting' is a bad idea, experts say. Here are 6 things you can do instead to get the same results if you're looking for better work-life balance – or to lighten your workload
- Wipro, Infosys, Tech Mahindra revoke offer letters given to freshers: Reports
- Reliance Jio and Airtel 5G prices may be affordable for now but expected to increase after wider rollout
- Omnichannel becomes omniscient as retailers gear up for revenge festive celebration
- Redmi Pad Review: A decent tablet for the masses
- Electronics Mart India IPO is subscribed 1.69 times on day 1
- Big B’s best movies are back on the big screens - Here are 11 you can watch
- Reliance Jio to begin beta trial of 5G in four cities on Dussehra with unlimited data