India could buy Russian crude past price cap if OPEC+ cuts boost costs

India could buy Russian crude past price cap if OPEC+ cuts boost costs

India will explore buying Russian crude oil near or past the price cap imposed by the G7 as it navigates external risks it sees as the biggest economic threat.“Yes, because otherwise I’ll end up paying far more than what I can afford,” Finance Minister Nirmala Sitharaman said in an interview on Saturday in Washington, when asked if India would continue importing Russian oil beyond the $60-a-barrel price cap. “We have a large population and we also therefore have to look at prices which are going to be affordable for us.”

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The stance underscores the pressing need in the country of 1.4 billion people to curb inflation and spur growth amid a surprise output cut by OPEC+ and western sanctions to rein in Russia’s oil revenue following the invasion of Ukraine. India, along with China, has emerged as one of the key buyers of Russian crude. It is now India’s top supplier, above Iraq and Saudi Arabia.

The South Asian nation needs to constantly look for the “best deal since it imports almost 80 percent of its crude oil requirements,” Sitharaman said. “For us, it is a very critical input