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Russian Oil Rate for India: Of course, the war between Russia and Ukraine is still going on, but Russia’s economy is now starting to recover from it. This is the reason why Russia has now increased the prices of its crude oil drastically. This increase is also for India, to which Russia was selling oil at very cheap prices by giving discount a year ago.
According to a report by news agency Reuters, Russia is now giving crude oil to India at the rate of $ 80 per barrel. This rate is 20 dollars more than the price cap imposed on Russian oil by western countries. Let us tell you that after the attack on Ukraine, America and Western countries had imposed a price cap of $ 60 per barrel on Russian oil to hurt the Russian economy.
Huge reduction in discount also
It is being told that due to reduction in oil production, India is no longer getting the same leeway from Russia as before. Now India is getting a discount of only 4-5 dollars per barrel, whereas till last year this discount was of 30-35 dollars per barrel. In such a situation, after the end of the exemption, it is becoming expensive to buy crude oil from Russia. Due to increase in prices, buyers have been discouraged and there has been some reduction in demand. According to business flow data from Kpler and Refinitiv, India’s oil imports from Russia fell to a seven-month low in August.
Due to this the prices have increased
The biggest reason for the increase in Russian oil is that Saudi Arabia and Russia have significantly reduced oil production. Due to cut in production, supply has reduced and prices have increased. Apart from this, there has also been a decline in oil production of OPEC+ countries. Not only this, amid global oil shortage, Russia has also banned the export of diesel and gasoline. Due to this, the prices of crude oil have increased further.
Compulsion behind buying expensive oil from Russia
Even though Russian crude oil has become expensive and due to this many buyers have backed out, a large quantity of oil is still being imported here. The companies sourcing oil say that they do not have much option. The options available are more expensive than Russia. Other oil producing countries have also made the prices expensive.
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