In a first, India pays in rupees for crude oil purchased from UAE – Times of India

In a first, India pays in rupees for crude oil purchased from UAE - Times of India

New Delhi: For the first time in India, payments in Rs Crude oil The purchase from the UAE is helping the world’s third-largest energy consumer take the local currency global, as it seeks similar deals with other suppliers, officials said. is a process and has no goals.
With the country dependent on imports for more than 85 percent of its oil needs, India must buy from the cheapest available sources, diversify supply sources and not violate any international obligations such as price caps. A three-pronged strategy is being followed. Russian oil.
While this strategy helped save billions of dollars, while it increased imports of Russian oil that some had abandoned in the West after the war in Ukraine, it eliminated dollar conversions and increased transaction costs. wants to settle trade in rupees instead of dollars to reduce . India signed a rupee settlement agreement with the UAE in July and soon after, Indian Oil Corporation (IOC) bought one million barrels of crude oil from Abu Dhabi National Oil Company (Adnoc) in Indian rupees. Paid for. Some Russians Oil imports It has also been settled in Rs.
Officials said there could be more such deals in the future.

Business news,Payment of Rs,Return of funds,Oil imports,Indian oil,Crude oil
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