The government does not expect any disruption to Russian oil supplies in the next two months, given that U.S.-licensed tankers are allowed to transport crude until March, a senior official said on Monday. said.
“Because there is a buy-back period, cargo that is already in transit will come to us. Therefore, there will not be any immediate disruption. In the next two months, there will be a large We don’t expect any problems,” the official said, adding that six to eight weeks is a period for producers as well as buyers to consider alternatives. Arrangements.
The official also noted that there is no shortage of oil on the market as countries are increasing production capacity. “We are also seeing additional production from other countries. OPEC (Organization of the Petroleum Exporting Countries) itself has a lot of spare capacity. Outside of OPEC, Guyana, the United States, Canada, Brazil and others are in a position to increase supply. We don’t expect that,” the official said. The official also noted that Russia would look for ways to supply its oil to the market.
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The United States on Friday imposed sanctions on Russian oil producers Gazprom Neft and Surgutneftegaz, as well as 183 other vessels transporting Russian oil, in a bid to curb Russian revenues used to finance the war with Ukraine. imposed.
Responding to a question about how the latest sanctions would affect the country’s Russian oil supplies in the long term, the official said one of the two companies targeted was not a major supplier to India. , said there are other producers who have not been sanctioned.
The official stressed that Russia may offer even deeper discounts on crude oil supplies to India to meet the $60 per barrel price cap to continue exports.
Global Brent crude oil prices hit $81 a barrel on Monday, the highest since August, on concerns that Russia’s oil supplies to India would be cut off due to new sanctions.
“We are not going to judge the impact of sanctions based on the two-day rate (oil price). I would say the market is still in the process of understanding what it actually means,” he said. spoke.
Since the conflict with Ukraine began in 2022, Russia has become India’s largest supplier of crude oil, as the country offered steep discounts on supplies. In the wake of new U.S. sanctions against Russia, industry players are now looking to diversify their oil sourcing, particularly from West Asia and Africa.
