Page 14 - FSUOGM Week 19 2022

FSUOGM NEWS IN BRIEF FSUOGM

barrel on a delivered basis during high- Europe to continue buying crude oil from OPEC+ recommends
level talks between the two countries. This Russia even if it imposes an embargo on
represents a discount of nearly $40 per imports. planned growth of oil output
barrel on Brent crude, which was trading at According to RIA Novosti, Vladimir
more than $108 per barrel as of May 5. Dzhabarov, the first deputy head of the in June
Federation Council’s international affairs
The sources, who spoke on condition committee, said on May 4 that if the The ministerial monitoring committee of
of anonymity because the talks were European Union bans the importation of the OPEC+ alliance has recommended
confidential, said the Indian companies Russian crude, its member states will simply adhering to the planned advance of oil
were looking for a deal with a differential buy Russian barrels from third countries. production by 432,000 barrels per day in
that was substantial enough to compensate They will have to pay more for the June, a source told PRIME on Thursday.
for the hurdles that now face buyers of crude, though, since they cannot import it “(The meeting of) the committee
Russian crude, such as lack of access to indirectly, he added. In turn, higher crude has finished. It has approved the
financing and marine insurance. They did costs will drive up prices for food and recommendation to increase oil production
not say how the Russian side had responded gasoline in Europe, he said. by 432,000 barrels per day, in line with the
to the Indian offer but noted that the deal Dzhabarov was speaking as EU energy previous plans,” the person said.
under discussion involved the purchase of ministers continued to debate proposals for
around 15mn barrels per month of oil. This phasing out Russian oil supplies in stages
is equivalent to about 10% of India’s total over the next six months. Gazprom says transit gas
petroleum imports, they said.
They also indicated that Russian pumping through Ukraine as
deliveries to the Indian market had Hungary needs 5 years to
increased substantially since the outbreak of usual
the war in Ukraine. Since late February, they abandon Russian oil
explained, India’s state-owned and private Transit pumping of Russian natural gas
refinery operators have purchased more It would take Hungary at least 5 years to through Ukraine is going on as usual with
than 40mn barrels of Russian feedstock. reorient itself away from the supplies of the planned pumping for Thursday standing
This is 20% above the total volume of Russian oil, Prime Minister Viktor Orban at 98.9 million cubic meters, gas giant
Russian oil shipments to India in the whole said on Friday as quoted by news website Gazprom said in a statement.
year of 2021, according to Trade Ministry index.hu. As per contract with Ukraine, Gazprom
data cited by Bloomberg. The European Commission suggested is to pump 40 billion cubic meters of gas
India has come under pressure from the a ban on imports of Russian oil with all to the E.U. through the country in 2022, or
US and other Western countries to curtail the countries terminating imports in six 109.6 million cubic meters per day.
its imports of Russian crude oil. However, months, and Slovakia and Hungary in 20
Prime Minister Narendra Modi and his months.
administration have not been willing to do “We will need at least five years and some
so. money to rebuild into another order and
As a statement from the government’s overhaul our plants, this is why we returned
press office remarked earlier this week: the European Commission’s suggestion for a
“India’s legitimate energy transactions revision,” Orban said as cited by index.hu.
cannot be politicised. Energy flows are yet Hungary is interested in constructive
to be sanctioned.” dialogue, but if it hadn’t returned the
suggestion, Budapest would have to cancel
a social program for reduction of payments
Russian senator says for public utility services starting from
May 9. The European Commission ignored
embargo will lead EU the fact that the countries of the E.U. were
in completely different circumstances
countries to buy Russian oil and conditions by making its suggestion,
which is equal to a nuclear bomb strike for
via third parties Hungary, he said.

A Russian legislator has said that he expects

P14 www. NEWSBASE .com Week 19 11•May•2022