Russia ready to meet India’s oil needs at ‘market price’, Rosneft says

BENGALURU, India  – Russia was willing to meet India’s oil needs at ‘market price’, the CEO of top Russian oil major told Reuters on Monday.

In December last year, the Group of Seven, the European Union and Australia enforced a price cap on crude oil at $60 per barrel, aiming to reduce Moscow’s ability to finance its war in Ukraine and preserve stability on the global oil market.

Russia has emerged as the largest supplier of oil to India, replacing Iraq.

When asked if Russia will give an additional stake to ONGC Videsh or other Indian companies in its Sakhalin-1 project, Rosneft CEO Igor Sechin said the decision to do so lay with the Russian government.

Russia last year approved the requests of ONGC Videsh, the overseas investment arm of state-run Oil and Natural Gas Corp (ONGC.NS), and Sakhalin Oil and Gas Development Co (Sodeco), a consortium of Japanese firms, to retain their 20 percent and 30 percent stake respectively in the project.