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30 Aug, 2023 11:26

New Delhi sets out its oil policy

India will buy the cheapest crude available irrespective of its origin, according to the country's oil ministry
New Delhi sets out its oil policy

India will purchase crude oil from any source that can offer shipments at the lowest price, Oil Minister Hardeep Singh Puri told broadcaster ET Now on Wednesday. 

The country has been ramping up oil imports from Russia, which became its number one supplier after Moscow began redirecting flows to Asia last year in response to Ukraine-related sanctions. These measures included an oil embargo and a price cap on the country’s crude and petroleum products.   

“We are very clear in our minds that we will buy oil from wherever we can get it as long as it is delivered to our point of importation at our ports at the lowest possible price,” the minister said. 

India, the world’s third-largest importer and consumer of crude, receives more than 80% of its oil from overseas. The South Asian nation has become one of Russia’s biggest oil buyers after refusing to implement sanctions and taking advantage of discounts offered by Moscow. 

However, the Indian authorities have pledged not to violate the price ceiling for Russian crude set at $60 per barrel excluding shipping, freight, customs, and insurance costs. 

In June, India’s imports of Russian oil hit another record, having exceeded the combined shipments from Saudi Arabia and Iraq. Daily volumes that month climbed to 2.2 million barrels, rising for the tenth month in row, according to data tracked by Kpler, as cited by Bloomberg.

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