The White House had earlier said that India taking up Russia’s offer of discounted crude oil would not be a violation of American sanctions. When asked about a report on the possibility that India could take up the Russian offer of discounted crude oil, Psaki said, “I don’t believe this would be violating that (sanctions).”
New Delhi: Since war between Russia and Ukraine has hit supply of crude oil to many countries leading to a steep hike in prices in the international market, Russia has reportedly offered its Urals offering its Urals grade to India on a discount of $35 per barrel. It’s a pre-war price of crude oil which India is reportedly being offered and the move has reportedly been taken to encourage India to import more and more oil from sanction-hit Russia.
As news broke out that the Biden administration is weighing whether to release some 1 million barrels of oil per day from strategic reserves for several months to control soaring crude oil prices, oil futures dived more than $5 a barrel on Thursday morning. Brent futures were down $4.71, or 4.2 percent, to $108.58 a barrel and US West Texas Intermediate futures were down $5.45, or five percent, to $102.74 a barrel.
The release reportedly came as US oil stocks fell by 3.4 million barrels in the week to March 25, surpassing forecasts of a 1 million barrel drop, but implied demand for gasoline and distillates also declined.
The White House had earlier said that India taking up Russia’s offer of discounted crude oil would not be a violation of American sanctions. When asked about a report on the possibility that India could take up the Russian offer of discounted crude oil, Psaki said, “I don’t believe this would be violating that (sanctions).”
“But also think about where you want to stand when history books are written at this moment in time. Support for the Russian leadership is support for an invasion that obviously is having a devastating impact,” Psaki added.