Since the Russia-Ukraine conflict, affected by the “punishment” of many European and American countries on Russia, few oil refiners dare to buy Russian energy. Even if they do, most of them do so secretly, not as blatantly as India.
On April 1, local time, the Indian Finance Minister made a clear stance on the purchase of Russian energy. It is in the national interest to purchase large amounts of Russian oil and gas, and of course, the purchase must continue.
The Indian Finance Minister pointed out that after the recent round of procurement began, India has received a lot of crude oil from Russia, which is approximately equivalent to India’s 3-4 days’ supply of crude oil consumption, and will continue to purchase in the future.
The Indian Finance Minister emphasized that national interests and energy security should be given top priority. If you can buy cheap and discounted crude oil, why not buy it?
Previously, the Indian oil sector stated that India has purchased Russian crude oil and will deliver it in the next three to four months.
But what is interesting is that the Indian oil department has previously said that the country will not purchase more than 3 days of crude oil from Russia in the next 3-4 months. However, the Indian Finance Minister said that he had purchased 3-4 days of Indian consumption supply.
There are traces of India’s insistence on buying Russian crude oil, because Russian crude oil is at such a high discount. According to US media reports on March 31, the price of Urals crude oil purchased by India from Russia is very low, with a discount of US$35 compared to the crude oil purchased before the outbreak of the Russia-Ukraine conflict. Moreover, the oil price is fluctuating violently, and the actual price may be even lower. It can be said that at this price, who wouldn’t be tempted?
The Indian Finance Minister also said that it is best to have a system (similar to Swift) to facilitate interaction with another system.
If India does this, the United States will certainly not stand idly by. The United States has stated that it does not want to see India accelerate the import of Russian energy and other commodities, and if any country tries to circumvent the ban, it will face consequences.
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