According to the Indian newspaper “The Hindu”, Lavrov will discuss with Indian officials the sale of Russian crude oil to New Delhi at reduced prices, and the development of a payment method denominated in rupees and rubles for oil and other commodities, which can operate outside the global SWIFT system after I have excluded most banks from it. Russia, as well as the dates of receipt of previously concluded military deals.
Although Russia is the largest exporter of arms to India since the Soviet era, New Delhi now needs greater support from the “Quad” group in the face of the growing Chinese influence in the Indo-Pacific region.
And last week, the US President described Joe Biden India is an exception among US allies, due to its “hesitant” stance on the Russian attack on Ukraine.
aNew Delhi glue at lower prices
Amid Shoukry, senior advisor for foreign policy and energy security at the Center for “Gulf States Analytics” (based in Washington), Amid Shoukry, believes that “Russia is now playing a major role in Indias energy security, and does not want to reduce its share in the Indian energy basket, but rather seeks to double it, which will be the focus of Lavrov’s visit.
Shoukry added in an interview with “Sky News Arabia”: “After the rise in crude prices, it did not leave New Delhi with wide options, as it needs to buy oil and gas from different sources, and it wants to benefit from the way China buys Russian oil at a lower price. This issue will be discussed during the Foreign Minister’s visit. Russia for India.
He explained that, “Indias demand for oil is expected to jump by 8.2 percent to 5.15 million barrels per day in 2022, as the economy continues to recover from the devastation caused by the Corona epidemic,” noting that “the Organization of the Petroleum Exporting Countries (OPEC) expected to add a third The world’s largest energy consumer will have 0.39 million barrels per day of crude oil demand in 2022.”
Shoukry pointed out that “Indias demand for oil rose from 4.51 million barrels per day in 2020 to 4.76 million barrels per day in 2021, registering a growth of 5.61 percent, and Russia offered India an opportunity to buy oil And other goods at discount prices. The offer is currently under consideration by the Indian government.”
He noted that “India, which imports 80 percent of its oil needs, usually buys 2 to 3 percent of its supplies from Russia, but with oil prices rising by 40 percent so far this year, the government is looking to increase reliance on Moscow if it can.” Help reduce the rising energy bill by getting Russias oil at a cheaper price.”
The energy security adviser stated that “some international traders are avoiding Russian oil for fear of falling into the trap of sanctions, but Indian officials said that the sanctions did not prevent their country from importing fuel from Moscow,” noting that “Russia intends to use neighboring countries and energy consumers to circumvent the sanctions through lower prices.”
He continued, “Western sanctions against Russia prompted many companies and countries to refrain from buying Russian oil, and as a result, Russian oil witnessed unprecedented reductions.”
He stressed that, “Given that there is no alternative to Russian oil, not all oil consuming countries will be punished, but if Russia fails to prepare for the repercussions of sanctions, Russian oil sales will decline, which will exacerbate Russias economic situation.”
The state-run Indian Oil Corporation bought 3 million barrels of crude oil from Russia To secure its energy needs, it resisted Western pressure to avoid such deals.
An Indian government official confirmed that his country is looking to buy more from Moscow despite Western calls to avoid this, while Indian media reports said that Russia is offering a discount on oil purchases of 20 percent compared to world record prices.