India wants Russia to sell its oil for less than $70 a barrel: Report

Digital Desk: India is attempting to persuade Russia to offer deeper discounts on crude oil - Delhi is looking to pay less than $70 per barrel - in order to mitigate the risks of dealing with the OPEC+ producer in light of the increasingly harsh financial sanctions imposed on Moscow as a result of its invasion of Ukraine. According to Bloomberg, reductions are being sought to offset challenges such as obtaining finance for purchases. According to Bloomberg, the Indian government did not respond quickly.

A global standard Brent is currently trading about $108 a barrel, down from a high of around $130 in the early days of the war.

Since Vladimir Putin launched his 'special military offensive' against Ukraine on February 24, Indian refiners, both public and commercial, have purchased almost 40 million barrels of cheap Russian crude, according to Bloomberg. Russia also offered India discounts on a fixed one-time purchase of 15 million barrels earlier this month.

Estimations based on trade ministry statistics, total purchases are large in magnitude - 20% greater than Russia-India movements in 2021.

The acquisitions drew criticism from the West, particularly the United States and the European Union, but the government responded by pointing out that the EU had also purchased more Russian goods and that India welcomed competitive bids to meet domestic demand.

Estimations based on Trade Ministry statistics, total purchases are large in magnitude – 20% greater than Russia-India movements in 2021

The Acquisitions drew criticism from the west, particularly the United States and the European Union, but the government responded by pointing out that the EU had also purchased more Russian goods and that India welcomed  competitive bids.