The information was confirmed by two Indian ministers. New Delhi is in discussions with Moscow for the purchase of cheap crude oil. India, which had already distinguished itself from its Western allies by refusing to condemn Vladimir Putin’s offensive in Ukraine and abstaining from a United Nations Security Council resolution condemning the operation, is perhaps preparing to take a further step, while the United States has repeatedly reiterated its wish that the Prime Minister, Narendra Modi, distance himself from Russia.
In front of several media, the Indian Minister of Finance, Nirmala Sitharaman, had affirmed, Wednesday March 9, that Russia made a “open offer” to India for the sale of crude oil at a reduced price, but that many elements still had to be discussed.
His colleague, Hardeep Singh Puri, the minister of petroleum and natural gas, clarified before the Rajya Sabha, the upper house of parliament, on Monday March 14, that the government was exploring “all possible options” in the world to buy cheaper fuel. He spoke with Russian Deputy Prime Minister Alexander Novak. ” Discussions are ongoing. There are several points that need to be considered, such as the amount of oil available in Russia or in new markets or with new suppliers that may come to market. There are also questions relating to insurance, freight and a host of other issues, including payment terms. »
Strongly dependent on the outside
Hardeep Singh added that he hoped for the resumption of crude oil supplies from Venezuela and Iran, to curb rising prices. “I am optimistic that we will all, collectively, use our powers of persuasion to ask the international community to make more oil available, including from Venezuela. Indian oil companies will make deals with Venezuela and also Iran as soon as their oil hits the market,” he assured.
The third largest energy consuming and importing nation in the world, the sub-continent is highly dependent on the outside world: 85% of its oil needs are imported. The country is seeking by all means to contain the global rise in the price of crude, driven by the war in Ukraine and the decision of the United States of a total ban on Russian oil since March 8. So far, Russia represents only 2% to 3% of its supply.
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