India to import crude oil from Russia |
In light of the recent attacks on Saudi Aramco`s facilities and the subsequent increase in global crude oil prices, the oil imports to India has taken a big hit. At this time, Russia`s largest oil company Rosneft PJSC will assist India with its energy security efforts. Chairman of Rosneft, conveyed this during his meeting with India`s oil minister Dharmendra Pradhan on Tuesday in New Delhi. According to the oil ministry, the developments in energy markets, including global crude oil supplies, were discussed in the meeting. In this context, the special focus was on increasing oil supplies from Russian to Indian refineries.” The meeting comes as India`s state-run oil marketing companies (OMCs) strive to secure a long-term deal for procuring stakes in the Russian company. It gains significance as it follows Saturday`s drone attacks in Saudi Arabia, which is the second-largest crude supplier to India. India is highly susceptible to sharp oil price fluctuations as it imports 80% of its crude oil and 18% of its natural gas. India has been urging its long-time ally Russia to consider the interest of energy consuming nations during its engagement with the Organization of the Petroleum Exporting Countries at a time when the Opec arrangement including Russia has extended its compact for production cuts.
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