Russia will no longer rely on the West for its energy trade and its new energy policy will be oriented towards more reliable partners like India and China, said Russian Foreign Minister Sergey Lavrov in Delhi on Friday. “We would not rely anymore on any partners in the West. We …
Read More »India is Buying Russian Oil below the Western Price Cap
The Biden administration will continue to discuss India’s purchases of Russian oil with government officials but is satisfied so far that New Delhi is buying the crude well below a western price cap, senior State Department officials told reporters on Wednesday. India’s purchases of Russian oil are a constant topic …
Read More »IMF Says China, India to Contribute Half of Global Growth this Year
With the fading of economic headwinds and easing of global financial conditions, China and India alone are expected to contribute more than half of global growth this year, with the rest of Asia contributing an additional quarter, International Monetary Fund IMF) said on Tuesday in its blog post on Asia’s …
Read More »Russia Trumps Iraq as India’s Top Oil Supplier in January
India’s Iraqi oil imports in January rose to a seven-month high of 983,000 barrels per day (bpd), up 11% from December, data from trade sources showed. However, it only comes second to Moscow as India’s oil imports from Russia climbed to a record 1.4 million bpd in January, up 9.2% …
Read More »India’s Soaring Russian Oil Imports Render Rupee Trade Futile
India’s love for discounted Russia oil is widening its trade deficit with Moscow and the casualty is their much-touted rupee trade plan. The gap between their exports and imports is rising and that’s making the local currency payment mechanism futile, people familiar with the matter said, asking not to be …
Read More »India Looks to Boost Natural Gas Consumption with Long-Term LNG Deals
India plans to secure long-term deals for the supply of liquefied natural gas in a bid to reduce the share of coal in its energy mix. The biggest gas importer on the subcontinent, Petronet, is looking to secure some 12 million tons of LNG annually in additional supply under long-term …
Read More »Novatek Open to Indian Rupee Payments for New LNG Deals
Russian gas company Novatek is open to accepting payments in Indian rupees for any LNG term deal it signs with Indian gas entities, its chairman Leonid Mikhelson said on the sidelines of the Indian Energy Week on Feb. 6. Novatek is in talks with state-owned gas utility GAIL and other …
Read More »India Plans to Double Domestic Coking Coal Output by 2030
For now, trade relations between Australia and China are sketchy at best. Therefore, Australia has started looking for other markets to ship commodities like ore and coking coke, one such market being India. However, over the past few months, the world has learned that many Indian steel mills have replaced …
Read More »UAE Explores Non-Oil Trade in Indian Rupees, Sees Major Role for Crypto
The United Arab Emirates and India are discussing ways to boost non-oil commerce in rupees as the Gulf country looks to strengthen ties with its second-largest trade partner. “We are still in early-stage discussions with India on this dirham-rupee trade,” Thani al-Zeyoudi, the UAE’s Minister of State for Foreign Trade, …
Read More »UAE and India Discussing Settling Non-Oil Trade in Rupees
The United Arab Emirates is in early discussions with India to trade non-oil commodities in Indian rupees, Minister for Foreign Trade Dr Thani Al Zeyoudi told Reuters on Thursday. The minister said other countries, including China, had also raised the issue of settling non-oil trade payments in local currencies. He …
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