Russia offers More Oil to India

Concerned by the sanctions imposed by the Western Alliance, Russia has offered to export more oil and petroleum products to India. On Friday, Deputy Prime Minister of Russia, Alexander Novak had a talk with Indian Petroleum Minister Hardeep Puri regarding this. They also talked about strengthening the strategic partnership between the two nations. Statement Released by Moscow on Friday stated: “Russia’s oil and petroleum product exports to India have approached $1 billion, and there are clear opportunities to increase this figure. Current and potential joint projects in the fuel and energy industry noted that current projects continue to be steadily implemented.” According to the statement, Mr. Novak said: “We are interested in further attracting Indian investment to the Russian oil and gas sector and expanding Russian companies’ sales networks in India.” According to these reports, Russia has offered this crude oil at a discounted price to India. This is because the United States, Europe, and other major countries have imposed a ban on the import of Russian crude oil and gas. These sanctions were imposed as a retaliation to the Russian invasion of Ukraine. This however resulted in the increase in crude oil prices in these countries. At one point the prices of crude oil crossed $139 per barrel. To keep a check on the rising prices, a few days back Joe Biden announced to release 30 million barrels of oil from their strategic reserves.