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India Buying from Sources Offering "Lowest Possible Prices"

OIL

India will buy from any source that offers the "lowest possible prices" the country’s oil minister said to ET Now.

  • "We are very clear in our minds that we will buy oil from wherever we can get it as long as it is delivered to our point of importation at our ports at the lowest possible price," Oil Minister Hardeep Singh Puri said.
  • Russia has emerged as India’s biggest oil supplier as India takes advantage of discounts on its sanctioned barrels, though a narrowing discount is starting to push buyers back to Middle East grades.
  • Top Indian refiners have also indicated they are taking in maximum volumes of Russian oil that their configurations allow.
Energy BulletsCommodities
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