India's Oil Deal with Russia Stands UnaffectedTop Stories

March 19, 2022 12:35
India's Oil Deal with Russia Stands Unaffected

(Image source from: economictimes.indiatimes.com)

India has been strongly opposing Russia's invasion on Ukraine. Prime Minister Narendra Modi has been holding various crucial meetings on the war. India on Friday defended its decision to buy crude oil from Russia at a discounted price and this deal stands unaffected. Hindustan Petroleum Corporation Limited bought two million barrels of crude oil from Russia. Indian Oil Corporation also bought three million barrels of oil from Russia some days ago. Russia offered a 20 percent discount on these purchases when considered to the global prices. USA said that India has not violated any rules.

The war between Russia and Ukraine got prolonged and the talks are going on for now. The Indian government is finding ways to soften the blow as it has many ties with Russia. There are reports that the crude oil will hit 200 USD per barrel if the western countries stop importing the Russian oil. India needs 4.7 million barrels per day and it would affect the country's financials if the crude oil export hits the country. It also mounts pressure on the forex reserves which took place in 1991 and 2012. In this crucial time, India made a fair deal on oil from Russia. India already imported 175.9 million tonnes of crude oil this year.

By Siva Kumar

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Tagged Under :
Crude Oil  India  Russia  India Russia oil deal