The trend of crude oil supply to India will continue, and bilateral trade will strike new records, said Russian Ambassador to India, Denis Alipov, in an interview with agencies.
“India being a consumer, quite naturally is looking for the cheapest offers and Russia being deprived of its traditional markets in Europe, for example, is looking for new markets, so this meeting between best available options and best available offers is driving the trade and our relationship in the energy sector, it is natural we think this trend will continue in a structured manner,” the Russian envoy said. “No one knows the situation how energy markets look like by the end of the year, we are looking to further expanding our relationship in this area at promoting the ongoing dialogue and cooperation based on long-term arrangements and agreements,” he added.
According to an estimate, there is a steep jump in Russian oil export to India, as it has increased ten times this year and Russian crude oil is now fulfilling almost ten per cent of India’s imported oil consumption. “The volumes (of trade have reached USD 11.5 billion already in half of the year.
We will make and strike possibly a new record in our trade by the year, as we did in the previous one when our trade stood at USD 13.6 billion,” the Ambassador said.