Indian refiners jointly negotiating for 2025 Russian oil supplies, govt source says
Recasts; Adds details and quotes throughout
By Nidhi Verma and Sethuraman N R
NEW DELHI, Sept 19 (Reuters) -Indian refiners are jointly negotiating to purchase Russian oil for next year, a government source said on Thursday, with suppliers mostly using Russian insurance for crude priced above a $60 per barrel cap.
Russia is India's top oil supplier, and the world's third biggest oil importer and consumer is also Moscow's top client for seaborne oil.
Privaterefiners in India this year signed annual deals for Russian oil supplies while state refiners are buying from spot markets.
India also relies heavily on Middle Eastern producers and its refiners have annual oil imports deals with major oil producers in the Middle East. The source said discussions with Middle Eastern suppliers for term deal for next year will begin in December.
Asked if the Indian companies would seek better terms from oil producers for the import deals, the source said, various agencies have brought down their global oil demand estimates.
"The negotiations positions would be different from last year... In a country where demand increases and in a world where demand is decreasing, you can draw your own conclusion".
Oil Minister Hardeep Singh Puri on Wednesday said India will continue to buy Russian oil from non-sanctioned entities, since prices are cheap.
Russian insurers are playing a growing role facilitating the country's oil shipments to India, its biggest buyer, Reuters reported on Wednesday.
By using Russian insurers, Moscow can sell the oil above a $60 per barrel price cap that the Group of Seven (G7), the European Union and Australia imposed aiming to limit Russia's oil revenue following its invasion of Ukraine.
"Sometimes, even if the price is at borderline or near the price cap, then also the sellers don't want to take a risk and use Russian insurance... If the cargo is below $60 dollars then it can be covered by western insurers," the source said.
Indian refiners use Emirati Dhirams and US dollars to pay for Russian oil purchase. "Russian oil which is below $60, the payment is happening in dollars," he said, adding in the past Indian refiners also used Rupees and Chinese Yuan to settle some payments.
Reporting by Nidhi Verma in New Delhi; editing by Jason Neely and Conor Humphries
Berita Terkini
Penafian: Entiti XM Group menyediakan perkhidmatan pelaksanaan sahaja dan akses ke Kemudahan Dagangan Atas Talian, yang membolehkan sesorang melihat dan/atau menggunakan kandungan yang ada di dalam atau melalui laman web, tidak bertujuan untuk mengubah atau memperluas, juga tidak mengubah atau mengembangkannya. Akses dan penggunaan tersebut tertakluk kepada: (i) Terma dan Syarat; (ii) Amaran Risiko; dan Penafian Penuh. Oleh itu, kandungan sedemikian disediakan tidak lebih dari sekadar maklumat umum. Terutamanya, perlu diketahui bahawa kandungan Kemudahan Dagangan Atas Talian bukan permintaan, atau tawaran untuk melakukan transaksi dalam pasaran kewangan. Berdagang dalam mana-mana pasaran kewangan melibatkan tahap risiko yang besar terhadap modal anda.
Semua bahan yang diterbitkan di Kemudahan Dagangan Atas Talian kami bertujuan hanya untuk tujuan pendidikan/maklumat dan tidak mengandungi – dan tidak boleh dianggap mengandungi nasihat kewangan, cukai pelaburan atau dagangan dan cadangan, atau rekod harga dagangan kami, atau tawaran, atau permintaan untuk suatu transaksi dalam sebarang instrumen kewangan atau promosi kewangan yang tidak diminta kepada anda.
Sebarang kandungan pihak ketiga serta kandungan yang disediakan oleh XM, seperti pendapat, berita, penyelidikan, analisis, harga, maklumat lain atau pautan ke laman web pihak ketiga yang terdapat dalam laman web ini disediakan berdasarkan "seadanya" sebagai ulasan pasaran umum dan bukanlah nasihat pelaburan. Sesuai dengan apa-apa kandungan yang ditafsir sebagai penyelidikan pelaburan, anda mestilah ambil perhatian dan menerima bahawa kandungan tersebut tidak bertujuan dan tidak sediakan berdasarkan keperluan undang-undang yang direka untuk mempromosikan penyelidikan pelaburan bebas dan oleh itu, ia dianggap sebagai komunikasi pemasaran di bawah peraturan dan undang-undang yang berkaitan. SIla pastikan bahawa anda telah membaca dan memahami Notifikasi mengenai Penyelidikan Pelaburan Bukan Bebas dan Amaran Risiko mengenai maklumat di atas yang boleh diakses di sini.
