India Should Not Buy Too Much Russian Oil Says Us Adviser

The top US energy adviser has urged India not to buy too much Russian oil and warned the Asian country to be careful not to appear to be taking advantage of the effects of the invasion of Ukraine. Amos Hochstein, the US special envoy for energy affairs, told senators on Thursday that Russia now earns more money from oil and gas exports than it did before the war, thanks to rising prices. The United States and the United Kingdom have banned Russian oil imports since the country invaded Ukraine in late February, and the EU has agreed in principle to cut markets dramatically. “Self-sanctions” by Western buyers have also reduced sales in Europe. But India has mobilized to fill part of the gap. About 800,000 barrels a day of Russian oil exports have been diverted from Europe to India, Rystad Energy analyst Claudio Galimberti told Insider, helping the country’s total exports remain stable. Hochstein told the Senate Subcommittee on Europe and Regional Cooperation on Security that he had spoken to Indian officials about the issue. He said the country used to import only 100,000 barrels a day. “In my conversations with them, I said, ‘Look, we have no secondary sanctions, we can not ban your purchases.’ “But as you increase your purchases from Russia, I would ask for two things.” “One – do not go too far and do not seem to be taking advantage of the pain you feel in European households and in the United States.” “Second, make sure you negotiate well. Because if you do not buy it, no one else buys it, so you have an advantage here. “ Hochstein also said that Russia now brings in more energy export revenues than it did before the war. Asked by Republican Sen. Ron Johnson if this was true, Hochstein said, “I will agree with you on that.” This is due to the fact that exports have remained almost stable along with the price of Russian crude, while the prices of refined products have risen. However, Hochstein said that overall Russia is in a much worse economic position than it was before the war. He said the drop in domestic demand meant the country was reducing oil production. and said economic sanctions had hampered Moscow’s access to energy revenues. Read more: Billionaire investor Mario Gabelli’s $ 41 billion portfolio manager says he should buy those 27 stock-priced stocks as inflation soars