Russia, which is facing sanctions from the US and Western countries due to the Ukraine war, is looking for new customers for crude oil. At the same time, according to its convenience and need, India is moving towards such an agreement, which will not only relieve the burden of expensive crude but also increase the value of the rupee. Due to all these reasons, India is close to taking Russia's crude deal. In this, Russia will bear the responsibility of shipping and insurance.
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With Russia blocking access to the International Payment System (Swift), there is talk of making the deal in Indian Rupees and Russian Rubles. Payment can be made from such Indian banks which do not have branches in Western countries. If this happens, the monopoly of the dollar in the petro market will be broken. China is also in the final stages of talks with Saudi Arabia to buy crude in its currency, the yuan. Actually, there is a crisis of inflation in the world due to expensive crude.
The pressure of increasing petrol and diesel prices will be less
If cheaper crude comes, then the pressure to increase the prices of petrol and diesel will be less. India imports 85% of its oil requirement. 2-3% of it comes from Russia. Meanwhile, the US has said that it does not object if India takes crude from Russia, as it does not violate any sanctions.
Indian Oil bought 3 million barrels of crude
The country's largest petroleum marketing company Indian Oil has purchased 3 million barrels of crude from Russia at subsidized prices. Sources said that Brent crude has been dealt through a trader at a discount of $ 20-25.
ICJ asks Russia to stop attack immediately
The International Court of Justice (ICJ), the highest court of the United Nations, has asked Russia to immediately stop military action on Ukraine. At the same time, it has also been told that any military or civilian organization or person supported or controlled by it will not pursue this military action.
If India is getting a chance then it should take advantage.
Commodity expert Jai Prakash Gupta says that if Russia is waiving shipping and insurance expenses with discounts, then India should take advantage of the opportunity. If 20% discount is also available then it will be equal to the crude price of December. If Russia provides good quality crude, then imports can be increased from $3 billion to $10 billion. This will reduce the average cost of crude imports and reduce the pressure on companies due to not increasing the prices of petrol and diesel for a few months. Since the deal will not be in dollars, our dependence on the dollar will decrease and the value of the rupee will increase. The import bill will be less.
Energy expert Narendra Taneja says there are still many challenges in the deal. For example, by which route will Russia send us crude? What will be the protocol of transaction in Rupee-Ruble? Russia may be talking about providing insurance, but it is in the hands of most of the Western countries. In such a situation, it has to be seen how practical this offer of Russia is?
India imported a total of 176 million tonnes of crude between April 2021 and January 2022. Of this, 36 lakh tonnes of crude came from Russia. At present, talks are on to buy 3.5 million barrels of crude from Russia. Its quantity can be increased further.
Hope: Russia and Ukraine close to agreement
On the 21st day of the war, there are signs of agreement between Russia and Ukraine. Russian Foreign Minister Sergei Lavrov said, considering the neutral status of Ukraine. At the same time, Ukrainian President Voldomir Zelensky said, "real" talks are happening with Russia now.
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