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India takes advantage of Canadian discounted crude oil


India has increased its purchase of crude oil from Canada. This new development is the result of the price drop in the Canadian oil price. Over 3 million barrels of crude grade produced in oil sand of Alberta will be arriving in India next month.

Canada has come up with the widest discount on crude oil price in nearly four years. The decline in the price is believed to have been caused by the lesser demand from the US Midwest. India saw this as an opportunity to take advantage of the situation amidst Western sanctions against Russian crude oil, which expected to be tightened further in few weeks.

In light of tightening wester sanctions, some Indian refineries have put on hold the purchases on Russian crude oil for time being. However, India had raised its oil import from Russia ever since the war broke out in Ukraine. Post which Russia became third largest supplier to India.

India's Petroleum Ministry has said that it will look into price cap proposal by G7 nations, although it is unlikely that India will accept this proposal considering its friendly relation with Russia.  

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