Government sources say countries self-sufficient in oil or those themselves importing from Russia cannot credibly advocate restrictive trading
Bikers buy fuel at a pump, in Amritsar on November 8, 2021. File pic
India’s legitimate energy transactions should not be politicised and countries self-sufficient in oil or those themselves importing from Russia cannot credibly advocate restrictive trading, government sources said on Friday.
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The assertion came amid some criticism against India over its position that it is open to buying discounted crude oil from Russia.
Sources said the jump in oil prices following the Ukraine conflict added to India’s challenges and pressure for competitive sourcing has naturally increased.
They said Russia has been a marginal supplier of crude oil to India and it is less than one per cent of the country’s requirement, adding there is no government-to-government arrangement for the import.
“India has to keep focusing on competitive energy sources. We welcome such offers from all producers. Indian traders too operate in global energy markets to explore best options,” said a source.
Russia has offered discounted crude oil in the wake of the Western sanctions on it following its military aggression against Ukraine.
External Affairs Ministry Spokesperson Arindam Bagchi on Thursday did not rule out buying discounted crude oil from Russia.
“India does import most of its oil requirements, it’s met by imports. So we are always exploring all possibilities in global energy markets because of this situation that we face of importing our oil requirements,” he said at a media briefing.
80 per cent
Amount of India’s oil needs met through imports
Iran ready to meet India’s oil needs: Envoy
Iran is ready to meet India’s energy security needs, its ambassador to India was quoted as saying on Friday, as negotiations continue between the world powers and Tehran on the lifting of sanctions against the OPEC-member. Iran used to be India’s second-largest oil supplier but New Delhi had to halt imports from Tehran after former US President Donald Trump withdrew from the nuclear deal with Iran and re-imposed sanctions on its oil exports.
“Rupee-rial trade mechanism can help companies from both the countries to deal with each other directly and avoid third party intermediation costs,” Ali Chegeni was quoted as saying in reports.
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