Russia and India are exploring joint energy projects, including oil and gas production in the far east and northern pole in Russia, after a meeting between foreign ministers in Moscow. The discussions, which were reported by OilPrice.com, come amid our pressure on India because of its imports of Russian crude.
Also read: Trump threatens the high customs tariffs on India due to Russian oil purchases
The United States recently announced an additional 25 % tariff for Indian goods, explicitly targeting the country’s continuous imports of Russian oil. This procedure, which will be valid on August 27, raises the total tariff on some Indian goods to 50 %.
Despite this pressure, India is still a major buyer of Russian oil, ranked second in the largest oil agent in Moscow after China. The data from the Indexbox platform shows that India’s imports of Russian crude have been an important component of power supply. The Indian Corporation Limited and Betroleum Corporation LTD has recently returned to the immediate market for the purchase of Russian Urals and other raw grains for delivery in September and October, which was attracted by discounts that expanded to $ 3 per barrel.
Russian Foreign Minister Sergei Lavrov stated that cooperation in hydrocarbons has resulted in good results and that both countries have mutual interest in the progress of joint energy production projects. Russian President Vladimir Putin is expected to visit India by the end of the year.
Source: Indexbox Market Intelligence
