With sanctions on Russia, import bill of India on crude oil set to increase: Tibrawala

Cruce Oil and gas prices surged in a highly volatile market after the Russia-Ukraine standoff. Russia is a major oil supplier but India does not buy more than 1% of its consumption from Russia. Yet, the northwardly moving crude prices threaten to destabilise India’s macro-economic picture. Why and what is the way out? Pawan Tibrawala, Co-Chair – Hydro Carbon Committee of PHDCCI talks to Annapurna Singh of DH.

Oil prices are flaring up. Will western sanctions on Russian energy sources worsen supplies?

Oil prices are the result of demand and supply dynamics and the current supply-side constraints owing due to geopolitical tensions, have escalated the oil prices to a great extent. The extent of the oil price surge is high as the geopolitical crises involve a vital oil-producing country- Russia.