Russian oil company Rosneft has postponed a new agreement to sell oil to two Indian state-owned oil companies. According to sources familiar with the matter, Russia has postponed the sale of excess oil to India due to promises made to other consumers. So far, only Indian Oil Corporation has been able to agree to buy additional oil from Russia. Rosneft has refused to enter into a new agreement with HPCL and BPCL due to the non-availability of spare oil.
However, all the four related companies have not made any public statement regarding this news. Most of the countries of the world have imposed sanctions on Russia due to the Ukraine conflict. Many countries have also stopped taking oil and gas from it. In such a situation, India had decided to buy cheaper oil from Russia. Due to the non-availability of oil from Russia, both the government companies will have to buy expensive oil from the spot market.
It is also clear from this development that despite all the sanctions, Russia is completely successful in selling its oil. Indian sources said that Russian oil is no longer available at cheap prices and companies are also getting limited offers for the port to oil delivery (DAP). Under this offer, the seller bears the insurance and the freight of the oil supply and the buyer gets the ownership of the oil when the cargo is dispatched.
Relief from cheap oil
Crude oil was being provided to Indian companies by Rosneft at $ 40 less than international prices. Oil prices in world markets jumped to $139 after Russia attacked Ukraine. At present, it is close to $ 120 a barrel. In such a situation, the margin of Indian oil marketing companies may come down if Russian oil is not available.
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