Jaishankar says buying oil from Russia works to our advantage

External Affairs Minister Dr S Jaishankar said “buying oil from Moscow works to India’s advantage” and “he would like to keep that going.”

Responding to a query on imports of Russian oil following bilateral talks with Russian counterpart Sergey Lavrov, External Affairs Minister Dr S Jaishankar said that “buying oil from Moscow works to India’s advantage” and “he would like to keep that going.”

The minister’s remarks came while he was addressing a press briefing following talks with the Russian Foreign Minister. “As the world’s third-largest consumer of oil and gas, a consumer without a high level of income, our fundamental obligation is to ensure that Indian consumers have the best access to the most advantageous terms in the international markets,” the EAM said talking about stress on the energy market.

“In that respect quite honestly, India Russia relationship has worked to our advantage. So if it works to my advantage, I would like to keep that going,” he added. While India continued to maintain its standing on the Ukraine conflict advocating a return to dialogue and diplomacy, Russian Foreign Minister Lavrov said that India and Russia are united by historical ties characterized by mutual respect, self-sufficiency, and “resistance to fluctuations in the geopolitical situation.”

Lavrov lauded the “positive dynamics” of bilateral trade and said that the two countries would soon achieve an annual trade turnover of 30 billion USD. “By September 2022, compared to the same period last year, the trade turnover added 133 percent, almost reaching the mark of 17 billion US dollars. We are sure that the goal set by the leaders of Russia and India to increase the annual trade turnover to 30 billion USD will be achieved soon,” the Russian Foreign Minister said.

External Affairs Minister Dr S Jaishankar arrived in Moscow on Monday evening. This is the fifth meeting between both leaders this year. India is assuming the role of potential negotiator between Russia and Ukraine. Prior to Dr Jaishankar’s visit to Moscow, Russian President Vladimir Putin heaped praises on Modi calling him a “true patriot”.

Russian Oil

The Western Siberian oil reserves discovered since the 1970s supply two-thirds of Russian oil. However, there are potentially huge reserves elsewhere. In 2005, the Russian Ministry of Natural Resources estimated that another 4.7 billion barrels (0.75×109 m3) of oil exist in Eastern Siberia.

In July 2013, the Russian Natural Resources Ministry made official estimates of reserves available for the first time. According to Russian Natural Resources Minister Sergey Donskoy, as of 1 January 2012, recoverable reserves of oil in Russia under category ABC1 (equivalent to proven reserves) were 17.8 billion tons and category C2 reserves (equivalent to probable and possible) were 10.9 billion tons.