Russia cuts oil prices for Indian companies

Information from Bloomberg, a source said that Russia is offering to sell Urals oil to India at a price up to $ 35 cheaper than before the conflict with Ukraine.

Information said that Russia wants to sell to India 15 million barrels of oil in 2022.

Negotiations are taking place at the government level.

India is currently the second largest oil importer in Asia. India is also one of the few countries that is increasing its purchases of Russian oil.

India and China are two countries that buy a lot of Russian oil today.

Payment mechanism in both Indian ruble and rupee, through SPFS system. The final decision is likely to be discussed during Russian Foreign Minister Sergei Lavrov’s two-day visit to India mid-week.

Direct sales are expected to take place between Rosneft (Russia) and India Oil (India). Strong discounts make this deal viable, despite the high shipping costs.

It is not clear how much oil India can buy from Russia. But India’s demand for the offered oils is also said to be modest.

India will also seek to boost exports of pharmaceuticals, machinery and chemicals to Russia.

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