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India Approves Local Crude Production Sales to Private Companies

OIL

India has approved a plan allowing local crude producers to sell to private companies.

  • The change in policy will be effective from October 1.
  • "Companies will now be free to sell crude oil from their fields in domestic market. Government revenues ... will continue to be calculated on uniform basis across all contracts," the government said.
  • India’s domestic production has lagged for years with the country heavily dependent on crude imports. As a result of soaring prices, India has appeared as one of the biggest buyers of discounted Russian crude since the invasion of Ukraine.

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