State-owned oil marketing companies (OMCs) are set to procure crude oil from Russia at a discount, according to sources at OMCs as prices remain elevated due to the Russia-Ukraine conflict.
The White House has also said a move by India to procure crude from Russia would not be a violation of its sanctions on Moscow, but added countries should think about where they stand regarding Russia’s invasion of Ukraine.
Despite a fall in oil prices over the past week, price of Brent crude has risen around 29 per cent since the beginning of the year, amid concerns about stable supply of oil and gas.
“The state-owned OMCs will be procuring from Russia for varying levels of their requirements, based on whatever they can process at their refineries,” said a source, adding the government had given the nod to procurement of Russian crude.
