Russian oil has become a bargain India can’t pass up
India is preparing to buy heavily discounted crude oil from its long-time ally Russia. The idea is to minimise domestic macroeconomic risks arising out of the Ukraine-Russia war.
The country meets 85% of its crude oil requirements through imports. However, only 1% (nearly 45,000 barrels a day in 2021) of its total crude oil imports come from Russia. While this may not be much, a discount on Russian crude will surely lower India’s import bill, The Times of India reported today (March 16).