InvestorQ : Is it true that India is still boosting its oil imports from Russia?
Dia Deshpande made post

Is it true that India is still boosting its oil imports from Russia?

Answer
image
swati Bakhda answered.
4 weeks ago
Follow

In a way, that is correct. Apart from the fact that the Indian oil imports from Russia have surged, Indian PSU oil companies are still looking at enhancing their oil imports from Russia. This is notwithstanding escalating pressure from world leaders, especially in the Western world, with whom India does most of its trade. For the PSU refiners, the idea is to reduce their cost with the heavily discounted crude from Russia.

Most of the leading refining PSUs like IOCL and BPCL are looking to secure 6-month long-term contracts with Russia, especially from Rosneft. This will be over and above the shipments that India is already purchasing from Russia. It may be recollected that Russia’s share of Indian oil import basket in the last one year is up from 1.5% to 255. In short, Russian oil arrivals into India are up over 20-fold on a yoy basis.

5 Views