new Delhi. According to another big news, now Indian Oil Corporation Limited (IOCL) has signed a big contract with a Russian oil company to import 30 lakh barrels of crude oil. According to the information of other media reports, there has been a direct dialogue between the two companies for this, not only this, the deal has reached the final stage. According to reports, the deal with Russia has been entered into on the basis of the best terms and conditions currently available for India in the international market.
Significantly, while Western countries have imposed several major sanctions on Russia, including US oil import embargo on Russia in response to Moscow’s attack on Ukraine, there is no such restriction on Indian oil companies to buy crude from Russian oil companies. As soon as America and other western countries imposed sanctions on Russia, Russia has offered oil at a concessional rate to other big importers including India.
Seeing this, more Indian oil companies can now make a bigger deal with Russian oil companies for import of crude oil. Let us tell you that the deal is being done at a time when global crude oil prices have reached above $100 per barrel. At the same time, after the Russian invasion, there has been a huge increase in the oil prices in the world market. Which has a big impact on the pockets of the people is also believed to be almost certain.
Be aware that India imports more than 80% of its crude oil needs. It is being told that this deal has been decided only after the high level contact established between India and the Russian Federation earlier this week.