Industry says India must avoid placing price cap on Russian oil
New Delhi: India should avoid backing the West’s plan to place a price cap on oil bought from Russia as it could sour relations with Moscow and block the supply of discounted crude, multiple officials and industry executives said, requesting anonymity.
The US, the UK, Canada, Japan and European allies are working on a price cap plan to restrict Moscow’s energy revenues without curbing the flow of Russian oil to the export market, which is essential to keeping global prices from skyrocketing, given the latest production curbs by the cartel OPEC+.
