India’s approach to oil import guided by its energy security requirements: MEA

New Delhi [India], March 16 (ANI): India’s approach will be guided by energy security requirements with regards to importing oil, Ministry of External Affairs said on Thursday even as media reports suggested divergence of opinion in some Western capitals over keeping the the price cap on Russian crude at $60 a barrel.

“We have repeatedly made it clear that our approach will be guided by our energy security requirements,” Ministry of External Affairs spokesperson Arindam Bagchi said at the weekly media briefing in response to queries concering price cap.
Earlier in December, G7 nations and Australia reached a consensus on a maximum price of 60 USD per barrel for seaborne Russian-origin crude oil in line with the decision by the Member States of the European Union to endorse a price level for the price cap on seaborne Russian-origin crude oil, according to the statement released by G7 nations and Australia on Australia’s foreign office website.

On September 2, G7 Finance Ministers initiated a price cap on Russian-origin crude oil and petroleum products to be implemented by each coalition member in the wake of Russia-Ukraine war.

“The price cap on Russian-origin crude oil will enter into force across our jurisdictions on December 5, 2022 or very soon thereafter. Our respective regulations are expected to include a time-limited exception for transactions involving oil that is loaded onto a vessel at the port of loading prior to 5 December 2022,” G7 nations and Australia had said in a statement.

Russia is now India’s top oil supplier. (ANI)