As the war between Russia and Ukraine continues indefinitely, one of the biggest concerns internationally today is the rise in fuel prices if not an exaggeration. Crude oil prices have continued to peak since the day of the war.
According to Bloomberg, Russia has offered India a substantial discount of $35 a barrel on crude oil prices amid mounting international pressure following the occupation of Ukraine.
It is noteworthy that Russia has offered to sell oil at a discounted price to India, as many Western countries have imposed sanctions on Russia over its invasion of Ukraine.
Russia wants India to buy 15 million barrels of crude oil contracted this year. Further negotiations are underway at the diplomatic level.
India, Asia’s second largest oil importer, is one of the few countries to double its crude oil purchases from Russia in defiance of international pressure and sanctions.
Earlier, Reuters reported that Indian Oil Corporation was buying 30 lakh barrels of crude oil from Russia at a 20-25% discount. More importantly, it was reported that crude oil would be paid in Indian Rupees instead of US Dollars during delivery.
As India clarified its position on oil purchases from Russia, Indian Foreign Minister S.Jaishankar pointed out that various European countries continue to buy oil and gas from Russia.
“We import very little oil from Russia. Many countries import 10, 15 to 20 times more oil from Russia than we do. All European countries import petroleum from Russia. But they teach us a lesson, ”he said.