The current practice of purchasing crude in the spot market subjects buyers to volatility and usually entails a higher price India’s state-owned oil refiners are in talks with Russia about clinching long-term supply deals, the news outlet Business Standard reported this week, citing sources at the country’s Ministry of Petroleum and Natural Gas. Agreements could reportedly be sealed as soon as next April when the new fiscal year starts. India, the world’s third-largest consumer of crude oil, depends on imports for up to 85% of its needs. Russia is India’s top oil supplier, and New Delhi has often noted that Moscow
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