On Wednesday, the Izvestia newspaper reported that Russia’s Minister of Energy Nikolai Shulginov said Russia is ready to sell oil and oil products to "friendly countries" in "any price range." Mr. Shulginov was speaking to the Russian newspaper about the condition of the Russian oil and gas industry. The Russian oil and gas industry is going through some challenges due to boycotts and sanctions over Russia’s invasion of Ukraine. He further informed the news agency that his country is more focused on ensuring the functioning of the oil industry.
Also, the crude oil prices could reach $80 to $150 a barrel. Last month, the International benchmark Brent crude oil almost reached $140 a barrel last month. However, the price was reduced later and is currently hovering around $100 a barrel. The Energy Minister, however, did not clearly reveal which "friendly countries" he was referring to. India and China have been purchasing Russian crude oil at a discounted price. Also, neither of them condemned the Russian invasion of Ukraine. India is the world's third-largest consumer of crude oil. It bought about 12 million barrels from Russia last year, which only accounts up to only 2% of its total imports.