Newsbytes
  • India
  • Business
  • World
  • Politics
  • Sports
  • Technology
  • Entertainment
  • Auto
  • Lifestyle
  • Inspirational
  • Career
  • Bengaluru
  • Delhi
  • Mumbai
  • Videos
  • Visual Stories
  • Reviews
  • Phone Reviews
  • Fitness Bands Reviews
  • Speakers Reviews
  • Find Cricket Statistics
Hindi
More
In the news
Twitter
Gmail
Reserve Bank Of India (RBI)
Reliance
Sensex
New Labour Laws in India
Newsbytes
Hindi
Newsbytes
User Placeholder

Hi,

Logout


India
Business
World
Politics
Sports
Technology
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai
Videos
Visual Stories
Reviews
Phone Reviews
Fitness Bands Reviews
Speakers Reviews
Find Cricket Statistics

More Links
  • Videos

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
  • Youtube
 
Home / News / Business News / India wants Russian crude oil for less than $70/barrel: Report
Business

India wants Russian crude oil for less than $70/barrel: Report

India wants Russian crude oil for less than $70/barrel: Report
Written by Abhishek Hari
May 04, 2022, 07:24 pm 3 min read
India wants Russian crude oil for less than $70/barrel: Report
India is pursuading Russia to provide deeper discounts on crude oil to compensate increasing costs due to Western sanctions.

In the light of extremely harsh Western economic sanctions against Russia for its invasion of Ukraine, India is reportedly persuading Moscow to provide further discounts on crude oil. India wants to pay below $70/barrel to compensate for its risks in trading with the OPEC+ producer. Discounts are being sought to make up for difficulties like obtaining financing for purchases due to the Western sanctions.

Context
Why does this story matter?
  • Following its invasion of Ukraine on February 24, Russia became the most sanctioned country after Iran and North Korea.
  • However, Indian oil companies currently have no restrictions and have been buying Russian oil at $70/barrel since last month.
  • Russia has offered deep discounts to India on crude oil and other commodities since it lost its own market due to Western sanctions amid the war.
India-Russia
India bought over 40M barrels of discounted Russian oil

Global benchmark Brent is currently trading near $108/barrel, down from a record-high of nearly $130/barrel in the early days of the war. Since the Russia-Ukraine war started, Indian refiners, both public and private, have purchased more than 40 million barrels of discounted Russian crude, according to Bloomberg. Last month, Russia provided India with a discount on a fixed one-time sale of 15 million barrels.

Fact
Indian oil imports from Russia increased by 20%

According to Bloomberg estimations (based on Commerce and Industry Ministry data), total purchases since the war are substantial in quantity—20% more than Moscow-Delhi flows in 2021. This also drew sharp criticism from the West, including the US and the European Union. However, India defended its decision by pointing out that Europe purchases more from Russia, adding India encourages competitive offers to meet domestic demand.

Oil
Oil prices skyrocketed due to Russia-Ukraine crisis

It may be noted that oil prices across the globe have skyrocketed due to the conflict between Russia and Ukraine, over fears of supply restraints. In the initial days of Russia's invasion of Ukraine, global crude oil prices had risen multifold, with benchmark Brent crude reaching multi-year highs of near $140 per barrel at one point.

Context
Why is India buying oil from Russia amid war?

India has long-standing diplomatic and defense ties with Moscow, and it has refrained from openly condemning Russia's Ukraine invasion so far. India is also heavily dependent on oil imports for nearly 80% of its energy requirements and therefore is purchasing it from Russia to avoid a further surge in oil prices. India has also said American oil imports would rise by 11% in 2022.

Share this timeline
Facebook
Whatsapp
Twitter
Linkedin
Abhishek  Hari
Abhishek Hari
Mail
Abhishek Hari is a JRF holder in Political Science and is currently the National Writer at NewsBytes. He has previously worked as Sub-editor at The Wire and as a political researcher at the Lok Sabha Secretariat. Hindu College, University of Delhi, and Jamia Millia Islamia are his alma mater. In his free time, he loves to play the drums and listen to classic rock and roll music.
Latest
Ukraine
Europe
United States of America
Oil and Natural Gas Corporation
Russia
Related
Latest
US: 10-year-old rape victim forced to cross state for abortion
US: 10-year-old rape victim forced to cross state for abortion World
Jasprit Bumrah completes 100 Test wickets (SENA nations): Key stats
Jasprit Bumrah completes 100 Test wickets (SENA nations): Key stats Sports
Xiaomi 12S, 12S Pro, 12S Ultra launched: Check specifications, prices
Xiaomi 12S, 12S Pro, 12S Ultra launched: Check specifications, prices Technology
Decoding stats of Pujara: First vs second innings since 2020
Decoding stats of Pujara: First vs second innings since 2020 Sports
Can't blame only producers for gender-based pay disparity: Taapsee Pannu
Can't blame only producers for gender-based pay disparity: Taapsee Pannu Entertainment
Ukraine
Ukraine war could increase production of illegal drugs, says UN
Ukraine war could increase production of illegal drugs, says UN World
EU grants Ukraine candidate status in 'historic moment' amid war
EU grants Ukraine candidate status in 'historic moment' amid war World
Check out the world's 'most' and 'least' liveable cities
Check out the world's 'most' and 'least' liveable cities World
UAE to suspend exports of Indian wheat for four months
UAE to suspend exports of Indian wheat for four months World
Vladimir Putin not suffering from serious ailment: Russian foreign minister
Vladimir Putin not suffering from serious ailment: Russian foreign minister World
More News
Europe
5 national parks to visit in Greece
5 national parks to visit in Greece Lifestyle
5 beautiful lakes of Europe you may not know of
5 beautiful lakes of Europe you may not know of Lifestyle
5 best national parks to visit in Germany
5 best national parks to visit in Germany Lifestyle
What is continental food and 5 related recipes
What is continental food and 5 related recipes Lifestyle
5 best national parks to visit in France
5 best national parks to visit in France Lifestyle
More News
United States of America
US: Truck driver wins $1 million jackpot in lottery
US: Truck driver wins $1 million jackpot in lottery Lifestyle
R Kelly sentenced to 30 years over sex trafficking charges
R Kelly sentenced to 30 years over sex trafficking charges Entertainment
US: 8-year-old boy shoots 1-year-old baby dead using father's gun
US: 8-year-old boy shoots 1-year-old baby dead using father's gun World
After quake-proof buildings, Japanese firm now develops 'flood-resistant' floating houses
After quake-proof buildings, Japanese firm now develops 'flood-resistant' floating houses Technology
'ER' star Mary Mara dies at 61 due to drowning
'ER' star Mary Mara dies at 61 due to drowning Entertainment
More News
Oil and Natural Gas Corporation
2 Russian oligarchs and their families found dead: Details here
2 Russian oligarchs and their families found dead: Details here World
Reliance Industries tops Fortune India-500 list for second straight year
Reliance Industries tops Fortune India-500 list for second straight year Business
#CareerBytes: Top PSUs you can apply for with good GATE-score
#CareerBytes: Top PSUs you can apply for with good GATE-score Career
Engineering graduates duped of Rs. 10L for fake ONGC jobs
Engineering graduates duped of Rs. 10L for fake ONGC jobs India
Urjit Patel taking charge as RBI Governor on 6 September
Urjit Patel taking charge as RBI Governor on 6 September India
More News
Russia
5 tallest statues in the world every traveler must visit
5 tallest statues in the world every traveler must visit Lifestyle
Putin losing eyesight, has 3 years to live: Russian Spy
Putin losing eyesight, has 3 years to live: Russian Spy World
Russian President Vladimir Putin undergoes new surgery
Russian President Vladimir Putin undergoes new surgery World
Coup to overthrow Putin underway: Ukraine amid 'ill health' reports
Coup to overthrow Putin underway: Ukraine amid 'ill health' reports World
Putin 'seriously ill,' claims ex-spy; oligarch says it's blood cancer
Putin 'seriously ill,' claims ex-spy; oligarch says it's blood cancer World
More News
Related
European Union bans most Russian oil imports: Details here
European Union bans most Russian oil imports: Details here World
Buying discounted oil from Russia in national interest: FM Sitharaman
Buying discounted oil from Russia in national interest: FM Sitharaman Business
Not considering buying Russian oil in rupees, minister informs Parliament
Not considering buying Russian oil in rupees, minister informs Parliament India
Indian Oil Corporation buys Russian crude at deep discount: Report
Indian Oil Corporation buys Russian crude at deep discount: Report Business
Next News Article
Next News Article

Love Business news?

Subscribe to stay updated.

Business Thumbnail
India News Business News World News Politics News Sports News Technology News Entertainment News Auto News Lifestyle News Inspirational News
Career News Bengaluru News Delhi News Mumbai News Mukesh Ambani Indian Premier League (IPL) Karnataka Samsung Xiaomi West Bengal
Bihar Virat Kohli Rohit Sharma Haryana Narendra Modi Arvind Kejriwal Tamil Nadu Gujarat Yogi Adityanath YouTube
Instagram Hollywood News Uttar Pradesh Kerala Netflix Bollywood News Mamata Banerjee Maruti Suzuki Rahul Gandhi Elon Musk
Shah Rukh Khan Chelsea FC OPPO Akhilesh Yadav Indian Cricket Team Apple Manchester United Salman Khan Cryptocurrency OnePlus
Amitabh Bachchan ICC Women's World Cup Vivo India vs Sri Lanka
About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive IPL 2022 Schedule IPL 2022 Points Table Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin Youtube
All rights reserved © NewsBytes 2022