Crude Oil: India will continue to buy oil from any country including Russia to meet its energy needs. A senior official said this before the European Union’s ban on Russian oil came into force. The executive body of the European Union (EU) has asked 27 member states to set a price limit for Russian oil at $60 per barrel. The move by Western countries is aimed at affecting Russia’s ability to fight a war with Ukraine by reducing oil revenues while keeping global prices and supplies stable.
India will buy oil from other countries including Russia
“Unlike Iran and Venezuela, there are no restrictions on buying oil from Russia. So anyone who can arrange shipping, insurance and financing can buy oil. We can buy oil from anywhere in the world, including Russia,” the official said. Will also continue to buy oil.”
Price arrangement will be applicable from December 5
The price cap system will be applicable from December 5. Under this, companies transporting Russian oil outside Europe will be able to use EU insurance and brokerage services only when they sell oil for US$60 or less.
all options open
“Practically speaking, if I can send a ship, get insurance cover and work out a method of payment, Russia can continue to buy oil,” the official said. He said that all options are open. The official said, “No one is saying don’t buy oil from Russia. Russia is not a big supplier. India gets supplies from 30 countries. We have many sources to buy oil. That’s why we don’t see any kind of constraint.” There is no apprehension.”
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