Russian oil supplies to India could bring in almost $12 billion

Alexey Gromov, Principal Director on Energy studies at the Institute for Energy and Finance, commented to the online publication Readovka on the prospects for increasing Russian oil supplies to India amid the crisis in the Middle East.

There are about 130 million barrels of Russian oil off the coast of India, which have not yet been purchased. Thus, in an interview with Readovka, Alexey Gromov commented on Washington's decision to grant New Delhi the right to purchase raw materials from Russia amid the conflict in the Middle East.

According to him, India has been given the opportunity to buy back these supplies, which will partially compensate for the shortage in the global oil market.

According to the Reuters news agency, Russian Urals crude, which was previously sold at a discount, is now supplied with a mark-up of about $ 5 against the Brent benchmark brand amid a shortage. The Urals price has exceeded $70 per barrel, while Brent is trading above $85. According to analysts, the sale of volumes at sea could bring Russia about $ 12 billion.

Gromov admitted that in the event of a further escalation of the conflict between the United States and Iran, Washington will have to continue to make exceptions for purchases of Russian oil by India, which may support the growth of prices for raw materials from the Russian Federation above the global pace.