NEW DELHI: India is doubling down on Russian crude oil purchases despite warnings from the US, snapping up every major grade from the OPEC+ producer as its war in Ukraine nears a third month.
State-run oil refiners are now looking at privately negotiated deals instead of buying through public tenders in order to get better prices, according to Indian refinery officials and traders. The South Asian nation has purchased everything from flagship Urals that ships from ports in the west, to a rare cargo of ESPO from the Far East, typically favored by China.
India has a longstanding relationship with Russia that includes weapons buying, and purchasing of oil adds to the Kremlin’s coffers while it tackles financial sanctions. President Joe Biden last week told Prime Minister Narendra Modi that the US was ready to help India diversify its energy imports, but self-sanctioning of Russian crude by some is making it cheap and alluring.
