With the flagship Russian crude Urals breaching the G7 price cap of $60 per barrel, there is a risk of Moscow’s oil, at least partly, becoming inaccessible for Indian refiners. It could become a headache for India as Russian oil now accounts for over 40 per cent of its oil imports.
Toril Bosoni, Head of the Oil Markets Division at the Paris-based International Energy Agency (IEA) emphasises that while India is reliant on Russian oil, Russia is heavily dependent on Indian refiners as well. In case Russian oil indeed becomes unviable for Indian refiners, she believes that the “logical alternative” would be to turn to its traditional suppliers in West Asia.
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