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India Not Committed to Buying Below Price Cap: Oil Ministry Official

OIL

India has not committed to and is not obligated to buy Russian crude oil only below the G7 $60 price cap, a source at the Indian oil ministry told Reuters on Tuesday.

  • India has emerged as the biggest buyer of Russian oil post sanctions.
  • Western leaders have said the price cap is benefitting Asian nations, giving them more leverage to access cheap Russian crude. US officials recently said they were happy India was purchasing oil below the price cap.
  • Russia supplies at present, around 35% of India's total oil imports, compared to less than 1% before the Ukraine war. According to Vortexa, India imported around 1.62 mn bpd in February from Russia—a new record-high.
  • Indian officials have signalled their intent to purchase oil from wherever they can get it cheapest.
Energy BulletsCommodities
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