India Buys Discounted Oil from Russia, China next in line

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India Buys Discounted Oil from Russia, China next in line
28 Mar 2022
6 min read

News Synopsis

According to media reports, India has inked a deal with Russia to purchase crude oil from Russia at discounted prices. They also stated that Russian oil deliveries have increased to India since the beginning of the invasion of Ukraine by Russia and India further intends to buy cheap oil from Russia. Other than this there are also reports that Russia’s biggest oil buyer, China will also increase its import from Russia. Lead oil analyst at Kpler, Matt Smith said: “We believe that China, and to a lesser extent, India will step up to buy heavily discounted Russian crude.” Oil-importing countries like India and China have been struggling with higher crude prices, which have soared since last year. Even though Oil prices in the market have been volatile lately, they are still around 80% higher compared to a year ago. Countries like the U.S.A and other European countries have already imposed a ban on the import of Russian Oil into the country in order to increase economic pressure on Russia. Russia earlier, while responding to these bans has said that it will increase the prices of fuel in these countries and it very well know where to divert its oil supply. 

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