TEMPO.CO, Jakarta – Energy Minister Nikolai Shulginov said Russia ready to sell oil and oil products to friendly countries at any price. As reported by the Izvestia newspaper which was reported by Business Insider, Thursday, April 14, 2022, Shulginov stated about the state of the Russian oil and gas industry which is facing challenges due to the boycott and sanctions over the country’s invasion of Ukraine.
Oil prices Crude oil, Shulginov said, could range from US$ 80 to US$ 150 per barrel, but Russia is more focused on ensuring the national oil industry is functioning amidst the rain of sanctions. International benchmark Brent crude hit nearly $140 a barrel last month and has since fallen to around $100 a barrel on Wednesday.
Shulginov did not specify which friendly countries he was referring to, but India and China have been buying Russian oil cargoes at low prices. No country has openly condemned Russia for its invasion of Ukraine.
India, the world’s third-largest oil consumer, bought about 12 million barrels from Russia last year, or 2 percent of its total imports. Meanwhile, major Chinese oil refineries have not signed new Russian oil contracts. According to Reuters, smaller independent Chinese refineries are still buying Russian oil secretly.
Russia is rich in energy resources. Amid economic sanctions resulting from the invasion of Ukraine, Russia will still reap nearly $321 million from its energy exports by 2022, up 36 percent compared to last year.
The European Union (EU), Russia’s main energy customer, approved a ban on coal from the country last week. The European Union is also considering an oil ban, but has no plans to stop imports of natural gas from Russia.
Previously, the United States had pressured India not to buy oil from Russia. US Secretary of State Antony Blinken urged India not to buy additional Russian oil.
“Each country has a different location, has different needs, requirements, but we are looking for allies and partners not to increase Russia’s energy purchases,” he said.
Indian Foreign Minister Dr S Jaishankar immediately responded to Blinken’s statement. “If you look at energy purchases from Russia, I suggest that your attention should be focused on Europe. We buy some of the energy needed for our energy security, but I suspect, looking at the numbers, that our total purchases in a month are less than what Europe buys in the afternoon,” he said.
Baca: Pressured on oil imports from Russia, India asks the US to look at Europe
OILPRICE.COM | REUTERS | INDIA TODAY
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