30 OCT,2023 | MEDC
Surging oil prices have taken a toll on our import bill. Even though many Russian grades are sold at discounted rates to India, our ongoing search for cheap oil got a boost this week, after the US lifted sanctions on the exports of Venezuelan crudes. This could benefit India, as Venezuelan grades, until recently, accounted for 10% of India’s crude oil imports. These grades are available at discounts of over 20% to the average of the Indian crude oil basket, as per industry experts. Cheap Venezuelan oil will also help India negotiate better deals with Russian suppliers. But the gains in the Venezuelan oil supply are expected to accrue largely to private sector players rather than the government, as our state-run refineries are not designed for heavy, acidic Venezuelan grades.
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Interactive Meeting with Mr. Jaykumar Rawal Hon'ble Minister for Tourism & Employment Guarantee Scheme Govt. of Maharashtra