India may consider price cap on Russian crude oil, says Reuters report

19 Oct 2022 , 12:54 PM

India has stated that it will consider the idea amid growing calls from the US and the EU to control the price of Russian oil, according to Reuters.

The West wants to set a price cap that will restrict Moscow’s revenue from crude oil. This has President Vladimir Putin fuming.

India, which has profited from the cheap oil from Russia, has not yet made a choice.

Officials and business leaders, meanwhile, have advocated against joining the price ceiling idea since it would be detrimental to India’s interests, claimed Reuters.

In terms of crude imports, Russia now accounts for over 20% of India’s total imports, up from just 1% before the conflict.

As the oil cartel plans to protect its earnings in the face of sluggish demand brought on by the crisis in advanced nations, the latest decision by OPEC+ to limit production has also incensed the US.

The US has claimed that Putin will benefit from the OPEC+ decision, and this has caused relations between Washington and Riyadh to deteriorate.

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