Against the background of reports of Europe’s refusal from oil from Russia, India began to bargain in exchange for the purchase of a larger volume. So, the Asian state is trying to agree on a price of $ 70 for a barrel of Brent brand oil, when it is more than $ 105 as its market price. It is reported by Bloomberg.
The negotiators are also asked to include delivery, which also requires significant costs, since there are no oil pipelines from Russia to India, and in the near future is not expected.
After the next package of sanctions, Indian companies, along with China, will remain one of the few key buyers of Russian oil – the country imports about 85% of black gold. According to the publication, with the beginning of the Russian special operation, oil refineries India bought more than 40 million barrels of Russian oil, which is 20% more than for the entire 2021 years. Bloomberg writes that Indian companies will benefit from any potential agreement.