‘Russia ready to fulfill India’s growing crude oil demand’ by admin- Tuesday, February 7th, 2023 07:31:04 AM
Russia is prepared to fulfill India’s growing demand for crude oil, Rosneft CEO Igor Sechin told Oil Minister HS Puri on Monday.
Puri met with Sechin on the sidelines of the India Energy Week (IEW) in the IT metropolis.
“During this quick assembly, Sechin advised the Minister that whatever is India’s requirement, they [Russia] are ready to supply it,” said a supply.
Read additionally: India’s imports from Russia upward thrust 400% in April-December as crude shoots up
Russia has emerged as India’s biggest crude oil provider after Iraq. In December 2022, Russia provided an average of 1.4 million barrels in keeping with day (MPD) towards 1 MPS from Iraq, according to records from Kpler.
During January this yr, Russian crude imports stood at around 1.2 MPD, whilst Saudi Arabia furnished 670,000 barrels in keeping with day and Iraq 660,000 barrels per day.
The improvement assumes importance as India’s crude oil call for is growing on the returned of growing business pastime, as well as rising home consumption inside the families and transport & logistics sector.
This was additionally highlighted by way of Prime Minister Narendra Modi in his inaugural address at the IEW on Monday.
“Energy is a large element in assembly the aspirations of the humans of India. From industries to factories to offices to families, India’s power demand is growing,” the PM stated.
In a session with Puri at the IEW, Sechin cited that India is rising as a frontrunner within the global economic system, and has a young and bold population. In the equal session, Puri confused that electricity security nowadays approach “availability, supply, predictability and affordability”.