Highlights

  • Indian refiners looking to pick up discount oil
  • MEA: We don’t send people out there saying go buy Russian oil, we send people saying go buy oi

Latest news

Controversy surrounds Mohammed Shami over Ramadan fasting

Controversy surrounds Mohammed Shami over Ramadan fasting

Gillespie blasts Gavaskar for 'absolute nonsense' talk

Gillespie blasts Gavaskar for 'absolute nonsense' talk

Telangana Congress plans all-party meet on delimitation concerns in South

Telangana Congress plans all-party meet on delimitation concerns in South

11 Chinese balloons spotted near Taiwan amid heightened tensions

11 Chinese balloons spotted near Taiwan amid heightened tensions

Security breach during Jaishankar's UK visit

Security breach during Jaishankar's UK visit

New Zealand vs India: Champions Trophy final clash in Dubai

New Zealand vs India: Champions Trophy final clash in Dubai

Emotional Trudeau resigns amid rocky US-Canada relations

Emotional Trudeau resigns amid rocky US-Canada relations

AB de Villiers: IPL triumph perfect ending for Kohli's RCB journey

AB de Villiers: IPL triumph perfect ending for Kohli's RCB journey

India in talks to buy more oil at a discount from Russia: reports

India’s purchases of Russian crude aren’t illegal or in breach of any sanctions

India in talks to buy more oil at a discount from Russia: reports

Indian refiners are looking to gain a massive price advantage by buying oil at big discount from Russia as per reports.As oil prices continue to hover around $120/bbl and the rupee tumbles towards record lows, refiners as per a report on Bloomberg are looking to finalise a 6-month collectively supply contract for Russian crude to India with state firm Rosneft.

At a time when global crude prices are hovering at $120/bbl and rupee heads towards a record low, as an oil importer India has been looking to protect consumers that are hit by record high prices. India is not in violation of any sanction by purchasing this oil but has received criticism for it from western allies who want oil trade with Russia to stop.

“We don’t send people out there saying go buy Russian oil, we send people saying go buy oil,” Subrahmanyam Jaishankar, Minister of External Affairs said at a conference on Friday. “Now you buy the best oil you can in the market. I don’t think I would attach a political messaging to that.”

As per Bloomberg India has bought more than 40 million barrels of Russian oil between late-February and early-May, which comes to about 20% more than flows for all of 2021.

ADVERTISEMENT

Up Next

India in talks to buy more oil at a discount from Russia: reports

India in talks to buy more oil at a discount from Russia: reports

Indian stock market sector-wise performance today - March 07, 2025

Indian stock market sector-wise performance today - March 07, 2025

NSE Nifty 50: Top 5 stock losers of March 07, 2025

NSE Nifty 50: Top 5 stock losers of March 07, 2025

Top 5 Nifty 50 gainers today – March 07, 2025: Biggest stock moves

Top 5 Nifty 50 gainers today – March 07, 2025: Biggest stock moves

Global stock market indices: How the world markets performed today - 06 March 2025

Global stock market indices: How the world markets performed today - 06 March 2025

Indian stock market sector-wise performance today - March 06, 2025

Indian stock market sector-wise performance today - March 06, 2025

ADVERTISEMENT

editorji-whatsApp

More videos

Top 5 Nifty 50 gainers today – March 06, 2025: Biggest stock moves

Top 5 Nifty 50 gainers today – March 06, 2025: Biggest stock moves

NSE Nifty 50: Top 5 stock losers of March 06, 2025

NSE Nifty 50: Top 5 stock losers of March 06, 2025

Global stock market indices: How the world markets performed today - 05 March 2025

Global stock market indices: How the world markets performed today - 05 March 2025

Indian stock market sector-wise performance today - March 05, 2025

Indian stock market sector-wise performance today - March 05, 2025

Top 5 Nifty 50 gainers today – March 05, 2025: Biggest stock moves

Top 5 Nifty 50 gainers today – March 05, 2025: Biggest stock moves

NSE Nifty 50: Top 5 stock losers of March 05, 2025

NSE Nifty 50: Top 5 stock losers of March 05, 2025

Global stock market indices: How the world markets performed today - 04 March 2025

Global stock market indices: How the world markets performed today - 04 March 2025

Indian stock market sector-wise performance today - March 04, 2025

Indian stock market sector-wise performance today - March 04, 2025

Top 5 Nifty 50 gainers today – March 04, 2025: Biggest stock moves

Top 5 Nifty 50 gainers today – March 04, 2025: Biggest stock moves

NSE Nifty 50: Top 5 stock losers of March 04, 2025

NSE Nifty 50: Top 5 stock losers of March 04, 2025

Editorji Technologies Pvt. Ltd. © 2022 All Rights Reserved.