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Pro US-Lobby Trying to Spin Story India ‘Not Interested’ in Buying Russian Oil
Pro US-Lobby Trying to Spin Story India ‘Not Interested’ in Buying Russian Oil
Sputnik India
A former Indian ambassador has slammed a news report claiming that India was no longer interested in buying Russian oil, saying that such “misguided” reports are a handiwork of the “pro US-lobby” operating in the country.
2023-08-02T12:25+0530
2023-08-02T12:25+0530
2023-08-02T14:39+0530
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A former Indian ambassador has slammed a news report claiming that India was no longer interested in buying Russian oil, saying that such “misguided” reports are a handiwork of the pro US-lobby operating in the country.Will India Ditch Russian Oil? Experts DoubtThe news report in question, published in English daily The Economic Times, cited unnamed officials in India’s Ministry of Petroleum and Natural Gas, who claimed that buying crude from Russia was no longer lucrative for Indian refiners because of dwindling discounts on these purchases.Significantly, the unverified news report coincides with Riyadh’s announcement that it would extend output cuts by a million barrels per day (bpd) in August to support international crude prices under a deal between OPEC and OPEC+ nations, the latter including Russia.Similarly, Bloomberg reported that Russian crude shipments to India fell to 2.09 million bpd in July, the lowest since January and could fall even further in August.Oil Supplies to Continue Despite US EffortsA New York Times/Siena College poll reported on Tuesday that Biden’s approval ratings are currently the lowest for an incumbent president, while ex-President Donald Trump remains the most preferred candidate for Republican voters.According to the poll, only 20 percent of Americans polled said that they felt that the economy was in a good shape, amid lingering questions over billions of dollars in military and financial assistance to Ukraine.Another opinion poll by US-based think tank Washington Institute this week noted that popular support for Washington-brokered Abraham Accords has been plummeting in the UAE and Bahrain, which were among the first nations to normalize ties with Israel in 2020.He noted that the Biden administration and its western allies have completely failed in “pressuring” India to draw down its energy imports from Russia, which has emerged as India’s top supplier of crude for the first time in history this year.Ahmad opined that the US’ motive in asking India to cut down its energy imports from Russia would result in a bigger market share of the Saudi Arabia-led OPEC cartel.He underlined that Saudi Arabia itself recorded record volumes of discounted Russian fuel oil in June, according to data from Kpler cited by Reuters.India Buying Russian Oil Because of Attractive TermsAhmad said that New Delhi has ramped up its energy imports from Moscow since last year because it was available to New Delhi at a “concessional rate”.“An important thing to note here is that although Indians are getting Russian oil at a concessional rate, they are able to monetize it only after refining it,” the ex-diplomat said. “This makes an economic logic as it has helped in stabilizing the global energy market.”
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Pro US-Lobby Trying to Spin Story India ‘Not Interested’ in Buying Russian Oil
12:25 02.08.2023 (Updated: 14:39 02.08.2023) A Russian foreign ministry advisory this week urged Indian media to stop using “mindlessly the brazenly anti-Russia materials” by Anglo-Saxon media and western news agencies.
A former Indian ambassador has slammed a news report claiming that India was no longer interested in buying Russian oil, saying that such “misguided” reports are a handiwork of the pro US-lobby operating in the country.
Will India Ditch Russian Oil? Experts Doubt
The news report in question, published in English daily
The Economic Times, cited unnamed officials in India’s
Ministry of Petroleum and Natural Gas, who claimed that
buying crude from Russia was no longer lucrative for Indian refiners because of dwindling discounts on these purchases.
The report further claimed that Iraq and the United Arab Emirates (UAE), which are part of the OPEC cartel, have offered New Delhi “credits for longer periods of time” to replace the Russian energy supplies in the Indian energy basket.
Significantly, the unverified news report coincides with Riyadh’s announcement that it would extend output cuts by a million barrels per day (bpd) in August to support international crude prices under a deal between OPEC and OPEC+ nations, the latter including Russia.
Similarly, Bloomberg reported that Russian crude shipments to India fell to 2.09 million bpd in July, the lowest since January and could fall even further in August.
“It seems to me that a sense of panic has gripped Washington. US President Joe Biden is on the backfoot as far as the presidential elections (scheduled next year) is concerned. He has very little success to show for his first term. Washington’s traditional allies in the Middle-East are asserting their strategic autonomy. The war in Ukraine seems to be going nowhere as there aren’t any defined goals,” remarked Ambassador Talmiz Ahmad, who has previously also served as an additional secretary in India’s Ministry of Petroleum and Natural Gas.
Oil Supplies to Continue Despite US Efforts
A New York Times/Siena College poll reported on Tuesday that Biden’s approval ratings are currently the lowest for an incumbent president, while ex-President Donald Trump remains the most preferred candidate for Republican voters.
According to the poll, only 20 percent of Americans polled said that they felt that the economy was in a good shape, amid lingering questions over billions of dollars in
military and financial assistance to Ukraine.
Another opinion poll by US-based think tank Washington Institute this week noted that popular support for Washington-brokered Abraham Accords has been plummeting in the UAE and Bahrain, which were among the first nations to normalize ties with Israel in 2020.
“It is in this background that a major attempt is being mounted by certain sections in western media and the pro-US lobby in India to keep on reporting about Indians not being any longer interested to purchase Russian oil,” Ahmad remarked.
He noted that the Biden administration and its western allies have completely failed in “pressuring” India to draw down its energy imports from Russia, which has emerged as
India’s top supplier of crude for the first time in history this year.
Ahmad opined that the US’ motive in asking India to cut down its energy imports from Russia would result in a bigger market share of the Saudi Arabia-led OPEC cartel.
“This is a very mistaken American approach, thinking Saudis would be very thrilled and come to their side. This is a futile exercise which has no basis in reality,” Ahmad said.
He underlined that Saudi Arabia itself recorded record volumes of discounted Russian fuel oil in June, according to data from Kpler cited by Reuters.
India Buying Russian Oil Because of Attractive Terms
Ahmad said that New Delhi has ramped up its energy imports from Moscow since last year because it was available to New Delhi at a “concessional rate”.
He said that the selling crude to India was an “attractive proposition” for Moscow as well because it was looking to divert its energy supplies to other markets after the European Union (EU) imposed curbs on Russian imports in the wake of the special military operation.
“An important thing to note here is that although Indians are getting Russian oil at a concessional rate, they are able to
monetize it only after refining it,” the ex-diplomat said. “This makes an economic logic as it has helped in stabilizing the global energy market.”
Another leading Indian energy expert refused to comment on the Economic Times report, describing it as "speculative".
