Alexey Belogoryev, Research and Development Director of the Institute for Energy and Finance, commented on the reasons and consequences of a possible reduction in Russian oil purchases by India to Business FM:
"Russia's main competitor, if we take the Persian Gulf, is traditionally Iraq. Iraq is inclined to dump on the Indian market, including for supplies to South Asia. But the discounts that were on Russian oil before the summer of this year exceeded the discounts provided by Iraqi companies. I think that in this case we are also talking mainly about Iraq, after all, richer countries - Saudi Arabia, the UAE, others — today supply oil more expensive than Russian. Although all of them somehow use dumping in their marketing policy. Discounts on Russian oil are now generally declining, although the situation remains extremely heterogeneous. India, like all other Asian countries, pursues a fairly clear policy of diversifying energy supplies, including oil, and, in general, the dependence that has developed on Russian oil over the past year and a half, of course, raises concerns. Moreover, the risks of secondary sanctions from the United States remain, which Indian companies traditionally take very seriously."
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