India Doubling Down On Russian Oil Buys Despite US Warnings: Report
NDTV
State-run oil refiners are now looking at privately negotiated deals instead of buying through public tenders in order to get better prices, according to Indian refinery officials and traders.
India is doubling down on Russian crude oil purchases despite warnings from the US, snapping up every major grade from the OPEC+ producer as its war in Ukraine nears a third month.
State-run oil refiners are now looking at privately negotiated deals instead of buying through public tenders in order to get better prices, according to Indian refinery officials and traders. India has purchased everything from flagship Urals that ships from ports in the west, to a rare cargo of ESPO from the Far East, typically favoured by China.
India has a longstanding relationship with Russia that includes weapons buying, and purchasing of oil adds to the Kremlin's coffers while it tackles financial sanctions. President Joe Biden last week told Prime Minister Narendra Modi that the US was ready to help India diversify its energy imports, but self-sanctioning of Russian crude by some is making it cheap and alluring.
The meeting between to the two leaders followed more pointed commentary from Biden's top economic adviser earlier this month, who said that the US had warned India against aligning itself with Russia. The war has fanned inflation and driven benchmark oil futures above $100 a barrel.
