‘India to continue buying cheap Russian oil, discount to be finalised’

NEW DELHI: India will proceed to purchase “low-cost oil” from Russia however has not finalised phrases of the low cost, a senior authorities official aware of the matter mentioned on Wednesday.
“We’ll get low-cost oil from Russia,” the federal government official informed reporters on Wednesday, including that the common worth at which the world’s third largest oil importer buys crude is at present above $100 a barrel.
With considerations that standard fee routes may very well be blocked as a result of Western sanctions on Moscow, together with on banks, work was ongoing to arrange a rupee-rouble commerce mechanism to facilitate transactions, the official mentioned.
With out elaborating additional, the official added that no closing choice had been taken and all attainable methods to pay for items had been nonetheless below dialogue.
Whereas Russia’s oil exports have to not date fallen below Western sanctions, some worldwide merchants have prevented shopping for the barrels given the disruption to fee methods and delivery.
The official additionally mentioned India was rising its dependence on coal as a result of surging energy demand, including that state-run Coal India will produce extra coal within the coming months.