Diversification in action: Russia boosts oil supplies to India

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    wikipedia.org/A.Savin/FAL
    wikipedia.org/A.Savin/FAL

    The Economic Times reports that in June Russia overtook Saudi Arabia in the supply of crude oil to India. This was done due to significant discounts in the cost of black gold. The Saudis are trying to gain a foothold in the European market to compensate for the Indian losses.

    Political scientist, director of the Center for International and Regional Policy Boris Kuznetsov gave FAN comments on new foreign economic realities.

    “We are now diversifying our flows,” the expert says. “You can’t be held hostage to a single consumer, as China is becoming. We understand that we are selling oil there at a big discount, and therefore India would also be a very interesting partner for us in this regard.”

    According to Boris Kuznetsov, most likely, if there were deliveries before, they were insignificant.

    “If you look at the “shoulder”, then it is easier for them to buy oil in the Persian Gulf. The “shoulder” of delivery is very small. But a good offer was made, and the Indians agreed,” he notes.

    Thus, Russia is acting on the well-known principle of “don’t put all your eggs in one basket.” The principle of diversification is especially valuable in view of the fact that Europe is shaking the air with threats to get rid of our hydrocarbons. However, in practice, the EU countries and even the US still continue buy Russian oil, only from India, where it is processed and sold under a different brand.

    Earlier it was reported that Western sanctions had no effect on India’s decision to buy Russian oil.

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