If India starts buying oil in rupee-rouble exchange with #Russia, chances are that Indian rupee may rise by more than 10% this year against the US Dollar!
India's oil bill is approx $100 bn this year (21-22)
Approx import volume is second largest in world ~4.5 million barrels per day behind China ~11 million barrels per day.
CIS share is low, Iraq is highest at nearly 29%
Russia has many different qualities of oil, if it can
Approx import volume is second largest in world ~4.5 million barrels per day behind China ~11 million barrels per day.
CIS share is low, Iraq is highest at nearly 29%
Russia has many different qualities of oil, if it can
Quickly substitute the Saudi-Iraq quality for India, it could gain good market share. Moreover, this may also lead to price war for Indian market share, giving India a big win!
India's forex reserves as of last week was ~$631 billion
Even with a 10% oil market share going to Russia, it would mean a lower $ import bill $8-10 billion per year.
Ofcourse even Rouble would be counted as forex reserve, but since it would be pegged at fixed price against
Even with a 10% oil market share going to Russia, it would mean a lower $ import bill $8-10 billion per year.
Ofcourse even Rouble would be counted as forex reserve, but since it would be pegged at fixed price against
The Indian rupee, the losers would be the US dollar/Euro/Pound against the rupee + savings on the oil bill due to discounted price - 10% this year seems practical.
Indian oil news coming for 3 million barrels purchase may just be their regular purchase and not special purchase, neither for confirmation if it's rupee-rouble exchange. Further details awaited.
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