OIES Podcast – The Indian oil market and purchases of cheap Russian crude

Following a number of requests, this latest OIES podcast covers the topic of the Indian oil market and more specifically the purchase by Indian refiners of discounted Russian crude following the decision of many western companies and countries to avoid Russia’s oil exports. James Henderson interviews Mohua Mukherjee about her thoughts on the current situation and the key reasons for the Indian decision to purchase Russian crude. She provides and overview of the current state of the Indian oil market, and in particular the demand for oil imports, before describing the differing motivations of state-owned and private refiners. She outlines why private refiners in particular are motivated to buy cheap Russian crude oil and explains why the Indian authorities feel no regrets about taking advantage of a situation that has been caused by war in Ukraine and the European and US reaction to it. She describes the longstanding ties between India and Russia and also highlights the previous issues which India has had with previous oil sanctions on various countries and how this time the country is determined not to miss out on a commercial opportunity.