Russia, Iraq and Saudi Arabia are India’s Top three oil suppliers

Russia, Iraq and Saudi Arabia are India’s Top three oil suppliers


Russia, Iraq and Saudi Arabia are India’s Top three oil suppliers

Reports have said that G 7 countries and Australia have decided to cap the price of Russian crude oil at $60 a barrel, most of the European Union members too are going to join them.

However Russian Deputy Prime Minister Alexander Novak said on Friday that the European Union’s proposed price cap on Russian oil will not affect production in December.

Russia has also become one of India’s top three crude oil suppliers and New Delhi will exercise its choice to buy oil from any country including Russia. G7 or European Union can neither dictate nor decide for India, they will not be permitted to do this.

Russia was not a major crude supplier to India ten months back. The other two top three crude suppliers to India are Iraq and Saudi Arabia. Petroleum ministry sources said there is an assurance from oil suppliers and there is no possibility of disruption. Also India will not bend to pressures from any source.

Media reports have said EU member states are close to an agreement on a USD 60 per barrel Russian oil price cap.

Petroleum Ministry sources said the issue was are not very clear still and there will be more on the matter if and when the final price is announced.

They said Russia is one of the oil suppliers and India sources its oil requirements from about 30 countries.

The sources also said there is no under-recovery in LPG and it is there only in diesel and petrol for oil companies.

“We will be requesting the Finance Ministry to compensate under recovery. We will be approaching Finance Ministry soon with our demand. We are working out a realistic estimate for further compensation for oil companies. We will seek compensation for oil companies’ losses for entire FY23,” a source said.

The sources said under-recoveries for petrol, diesel are still at over Rs 20,000 crore.

Responding to a query about Kirit Parikh report, an official said that Petroleum Ministry will firm up its views on the government-appointed gas price review panel report this month.

The ministry might send the first set of proposals on the report to Union Cabinet by December end.