No payment problem with Russia on oil imports: Puri

On Wednesday, Oil Minister Hardeep Singh Puri stated that India faces no payment issues in procuring oil from Russia, clarifying that the recent decrease in purchases is due to discounts offered by Moscow. Russia accounted for only 0.2% of India's oil imports in February 2022, before the Russia-Ukraine war. Following the conflict, Western nations avoiding Russian oil prompted Moscow to offer discounts, making Russia India's leading oil supplier with a 40% share. Puri emphasized diversifying import sources and ensuring the best rates. He asserted there is no payment problem, attributing the decline to price considerations. 

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Puri highlighted that none of the companies reported supply disruptions due to payment issues, with suppliers willing to sell before receiving payments. India currently buys 1.5 million barrels per day from Russia out of a daily consumption of 5 million barrels. Regarding drone attacks in the Red Sea, Puri noted that some suppliers altered routes, circumventing the Suez Canal via the Cape of Good Hope. Although this extends the voyage, avoiding Suez Canal fees balances the equation. Puri expressed confidence in navigating potential disruptions, acknowledging concerns but assuring that India can handle challenges. The recent attacks on shipping vessels increased crude oil prices initially, but markets have absorbed the impact.

Puri stressed responsible conduct among stakeholders and affirmed the Indian oil and gas sector's resilience. Despite challenges, he assured proactive monitoring to address situations. The Suez Canal, crucial for global shipping, is traversed by one-third of container ship cargo and 8.2 million barrels of crude oil. Redirecting ships around Africa may incur additional fuel costs.

तेल आयात पर रूस के साथ भुगतान की कोई समस्या नहीं: पुरी