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In an interaction with Sukalp Sharma, Bosoni talks about the current dynamics of global oil markets and their impact on India, oil demand outlook going ahead, and the likely effect of natural gas, renewables, and future fuels like green hydrogen on the evolution of energy landscape globally. Edited excerpts:
Indian Refiners: The discount on Russian oil has now deeply eroded and so it doesn’t make sense to buy much from Russia, said the official, who didn’t want to be named. The official didn’t give details on the current level of discount.
Currently, Russian oil comprises 40% of Indias crude imports and according to industry executives it wont be easy to replace it so quickly. Two-thirds of Russian supplies go to Indian state-run refiners.
Indian refiners pay for most of most of the Russian oil in dollars but some cargoes that are priced above the G7 price cap of USD 60 per barrel are paid for in non-dollar currency to avoid the US.
Some Indian refiners, including a private refiner, have paid for some Russian oil imports in Chinese currency Yuan following such demands from suppliers, according to people familiar with the matter.