Crude oil prices are skyrocketing due to the ongoing war between Russia and Ukraine. Meanwhile, due to sanctions imposed on Russia, one of the major oil producers, it is unable to export oil. In such a situation, Russia has now prepared to sell oil at huge discounts. According to a report, it has offered to buy 15 million barrels of oil from India with a discount of up to $ 35 per barrel. According to sources, according to the increase in international oil prices, this discount can be increased to 45 percent.
Russia's proposal
According to the report, on the one hand, while Russia is ready to give oil to India with huge discounts at affordable rates, on the other hand, India has also been offered relief for the decision to pay oil-gas in rubles. In fact, due to the closure of payments in dollars, the central bank of Russia has developed a new system for payment. According to the report, India can make payments in Rupee-Ruble using Russia's messaging system SPFS. In this special system, Russian currency i.e. Ruble will be deposited in Indian banks and then it will be converted into Indian currency i.e. Rupee. Similarly, payment will be made by converting Rupee to Ruble. However, so far the Government of India has not taken any decision on this proposal.
America has done this preparation
It is worth noting that according to the news on Thursday, to reduce the skyrocketing oil prices due to the Russo-Ukraine war, the US may pump 180 million barrels of oil from its reserves. Member countries of the International Energy Agency (IEA) of the USA are also looking to release oil from their reserves. Other countries are also making similar plans, the decision on which can be taken in the meeting to be held today. It has been said in the report that if there is an agreement in this regard among the member countries of the IEA, then there can be a big fall in crude prices. Let us tell you that after Russia attacked Ukraine, there has been a tremendous jump in the prices of Brent crude. In the past, crude oil prices had reached a 14-year high of $ 139 a barrel.
There is so much oil in America's reserve
According to the report, at present, 568 million barrels of crude are present in the US reserves. However, this is the lowest storage since May 2002. Goldman Sachs has said in its recent report that the release of oil from its reserves by the US will increase its supply by 1 million barrels per day. If experts are to be believed, India will also benefit from this move of America. Because India imports 85 percent of its oil requirement. Significantly, after November 4, 2021, oil prices in India were not changed, but in the last ten days, the prices of petrol and diesel have increased nine times in the country.
India supported this move
India has supported this step to be taken by the US to bring down the prices of crude oil. India on Thursday said it supports the strategic stock exit initiative to calm rising oil prices. The Minister of State for Petroleum and Natural Gas, Rameshwar Teli, in a written reply to a question in the Lok Sabha, said that the Government of India is closely monitoring the situation in the global energy market in the backdrop of geopolitical developments. He said that India supports oil release from SPR and stands ready to take every appropriate action to reduce market volatility and the impact of the rise in crude oil prices.
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