The increase in prices for the Russian grade was due to Russia's pledge to cut oil exports in August by 500,000 barrels per day (bpd) in cooperation with OPEC+ to balance oil markets.
India s reliance on cheap Russian crude oil is expected to decrease as traditional Middle Eastern suppliers offer more attractive conditions. Since Russia s invasion of Ukraine last year, India s consumption of Russian crude has increased significantly, surpassing Saudi Arabia and Iraq as the top supplier. However, rising prices have reduced the discount on Russian crude, making other sources, including those with term contracts, more appealing.
India Russian Oil Imports: Since the start of Russia-Ukraine war, India has been buying crude oil from Russia in large quantities. For the 11th | BLiTZ
India is a regular guest at the annual G7 summit of the world’s wealthiest democracies. At this year’s gathering in Hiroshima, the focus will be on Russia and China, both nations with whom New Delhi shares complex ties. Prime Minister Narendra Modi will be playing the balancing act once again