OIL: India to Continue Buying Russian Oil: Finance Minister

India’s Finance Minister Nirmala Sitharaman said the country will continue to buy Russian oil despite US tariffs as it proves economical, according to Reuters.

• "Whether it is Russian oil or anything else, it's our decision to buy from the place which suits our needs whether in terms of rates, logistics, anything," Sitharaman said.
• "We will have to take a call which (supply source) suits us the best. So we will undoubtedly be buying it," she added.
• India has said its purchases of Russian oil have kept the markets in balance.
• Headlines from the leaders of Russia, China and India at the SCO summit last weekend indicated they plan to continue partnerships as Washington tries to pressure Russian oil buying.
• Bloomberg data showed Russia’s seaborne crude shipments to India had dropped by about a third from the March peak. India is set to receive 4.3m tons of August cargoes, down from 5.72m tons of July cargoes.
• Russian oil exports to India are set to rise in September supported by larger Urals discounts, Reuters said last week.