A recent report from a parliamentary panel highlighted that all import deals were executed within the scope of Western sanctions imposed on Moscow for its involvement in the conflict, as per S&P Global.
The report emphasised that these purchases, totalling an estimated 1.95 million barrels per day (b/d), were pivotal in averting potential chaos in the crude oil market and preventing a surge in prices by approximately USD 30-USD 40 per barrel. According to the Petroleum and Natural Gas Ministry, India’s increased imports of Russian oil after Russia’s invasion of Ukraine in February 2022 prevented “havoc” in the global oil market. The ministry said that if India had not increased its imports, global crude oil prices would have increased by around USD 30-40 per barrel.
The parliamentary panel report quoted a representative from the petroleum ministry, stating that Indian oil and gas companies meticulously adhered to international laws and sanctions.
This story is from the December 31, 2023 edition of The Business Guardian.
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This story is from the December 31, 2023 edition of The Business Guardian.
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