India’s Russian oil imports seen rising on lower prices: Govt official
Easing global oil prices would help India boost imports from Russia, a senior government official said on Friday, as a lower than $60 a barrel price of Russian oil will enable buyers to use Western services such as insurance and ships.
The Group of Seven large economies known as G7 and some other nations have imposed a ceiling of $60 per barrel for oil at Russian ports to cut Moscow’s revenue seen as funding its war in Ukraine.
Russia’s flagship grade Ural in Baltic ports has plunged since late November below that level, reflecting subdued global oil prices that are headed for a seventh straight weekly decline.
