ONGC Chief Expects Russian Oil to Make Up 30% of India’s Imports: Report

News Snapshot:

Russia may account for almost a third of India’s oil imports by the end of the current financial year, Arun Kumar Singh, the head of India’s Oil and Natural Gas Corp Ltd, was cited as saying on Saturday by Russian news agency Interfax. “The share of Russian oil imports, which was less than 2% in 2021/2022, has increased tenfold to 20% in the oil import basket," Singh was quoted as saying at a St Petersburg International Economic Forum panel. The level may reach 30% by the end of the 2023/24 financial year, he added. “Then, guaranteed trade between the two...