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India’s Imports Of Russian Oil Hit Record High – Media - Foreign Affairs - Nairaland

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India’s Imports Of Russian Oil Hit Record High – Media by BidenDTrounce: 1:51pm On Mar 05, 2023
Refiners continue to snap up Russian cargoes at a discount to other grades.

Russian oil exports to India, the world's third-largest crude importer after China and the US, climbed to a record 1.62 million barrels per day (bpd) in February, making Russia India’s largest crude supplier for the fifth straight month, The Hindu reported on Sunday, citing cargo tracker Vortexa.

According to the report, Moscow’s oil exports to the country surged 28% month-on-month and surpassed combined deliveries from Iraq and Saudi Arabia, India’s main suppliers for decades. Imports from Saudi Arabia dropped 16% month-on-month to 647,800 bpd, while deliveries from Iraq amounted to some 939,900 bpd.

Russia now supplies 35% of all India’s oil imports, a significant increase from its share of less than 1% of India's energy market in 2021. New Delhi began to boost purchases of Russian crude shortly after the start of Russia’s military operation in Ukraine and the ensuing Western sanctions. The restrictions resulted in Russia losing its traditional oil buyers from the West, and forced the country to seek alternative markets for its energy by introducing discounts.

“Indian refiners are enjoying a boost in refining margins from processing discounted Russian crude… Refiners' import appetite for Russian barrels are likely to remain robust as long as the economics are favorable, and financial and logistical services to support the trade are available,” Vortexa's head of Asia-Pacific analysis, Serena Huang, said.

India has kept up its Russian oil purchases despite calls from the West to stop the imports. New Delhi has stressed that energy security is a top priority, and it will continue to make its own choices on suppliers. According to the Russian ambassador to India, Denis Alipov, Western sanctions have in fact drawn Russia and India closer together, causing an unprecedented growth in bilateral trade.
https://www.rt.com/business/572490-india-imports-russian-oil-record/

Bloody Indians!!! grin They're financing Putin's war! grin
This is totally unacceptable!!! Sanction India now!! grin cool

Re: India’s Imports Of Russian Oil Hit Record High – Media by seunny4lif(m): 5:17pm On Mar 05, 2023
Even Japan have started importing Russia oil after same Japan joined USA to imposed price cap on Russia oil but the price cap failed as Russia unlike Iran or Iraq have a powerful navy to protect her own oil ships meaning nobody dare to seize Russia oil tankers at Sea.

Japanese government said the Russia oil is needed and its been sold to Japan at Russia sept price which is above market price.

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Re: India’s Imports Of Russian Oil Hit Record High – Media by BidenDTrounce: 2:24pm On Mar 07, 2023
BidenDTrounce:
Who wrote this for Buhari? Buhari is not that intelligent.
If it's Tinubu now, I know he's capable of writing this.

Nigeria's Buhari Slams 'Unfair' International Debt Architecture

Struggling with their external debt burden is one of the burning issues for many African countries. Many believe that the problem is that certain countries cannot timely service their foreign debt due to the unfair terms stipulated by international financial organizations, which forces them to seek restructuring in the first place.

Nigerian President Muhammadu Buhari has castigated today's international financial organizations and their "unfair" debt architecture as favoring only advanced nations.
He aligned with the United Nations Secretary-General’s description on the global financial system as an "unfair debt architecture that not only charges poor countries much more money to borrow on the market than advanced economies, but downgrades them when they even think of restructuring their debt or applying for debt relief."

Speaking at the UN Conference of Least Developed Countries held in Doha, Qatar, Buhari called on developed and developing nations to offer duty-free and quota-free market access to the 46 countries mentioned on the UN least-developed countries (LDC) list; most of these countries are African ones.

In line with the UN rules concerning the LDCs, the countries listed should be granted such benefits as preferential market access, technical assistance, aid, and capacity-building on technology.
Buhari went on to shine the spotlight on the mounting debt burden shouldered by least-developed countries and emphasized the need to reform the international financial architecture so that poor countries become its priority.

Given these conditions, the Nigerian leader continued, the possibility for many countries to achieve the Sustainable Development Goals "remains bleak."
The head of state also said the development of poor countries is often impeded by challenges which are outside their hands and beyond their control, and this corroborates the need of countries for assistance in unlocking their economic potential.

Buhari made these statements as Nigeria struggles its foreign debt burden.
According to Finance Minister of Nigeria Zainab Ahmed, the western African country spent nearly 80% of its revenue on servicing its debt between January and November 2022, which amounted to $11.3 billion.
Besides Nigeria, there is a host of African countries grappling with the same problem


According to a 2022 report by the World Bank, more than half of low-income countries of which most are African, cannot meet their obligations on paying foreign debts.
One of the listed countries is Ghana, in Africa’s west, whose foreign debt amounts to 58% of its total $37.4 billion public debt as of October 2022. That said, the country has been trying to achieve its external debt restructuring under the G20 Common Framework.
Along with Ghana, Zambia, in Africa’s south, is also pursuing debt restructuring, because the country is unable to pay its $13.04 billion external debt in a timely manner.

Earlier, Zambian President Hakainde Hichilema lashed out at what he called "suicidal" interest rates comparing them to a "black mamba kiss of death".

Concerning the foreign debt trap problem, many African leaders have repeatedly urged African nations not to deal with international financial organizations due to "unfair" conditions.
For instance, touching upon the external loans of African nations in June 2022, Ghana's President Nana Akufo-Addo urged Africa to stop "begging" the West, emphasizing the key role of the African Development Bank and the Africa Export-Import Bank (Afreximbank) concerning the continent's development.

"If we stop being beggars and spend African money inside the continent, Africa will not need to ask for respect from anyone, we will get the respect we deserve. If we make it prosperous as it should be, respect will follow," he noted.

https://sputniknews.com/20230307/nigerias-buhari-slams-unfair-international-debt-architecture-1108140161.html




ParasiteWest:
There cannot be a right government until the West is put in their place. The interest of the West in developing countries is to make sure the developing countries remain impoverished so the citizens of those countries would find migration to the West for 'greener pastures' attractive where they're then exploited and exposed to modern day slavery. Their intent is to keep the West as a 'paradise' in the minds of the manipulated public. The West influenced the politics of Africa directly/indirectly. The right govt will get the 'Gaddafi treatment'
Re: India’s Imports Of Russian Oil Hit Record High – Media by CodeTemplar: 2:24pm On Mar 08, 2023
Dangote refinery will have a brief competition then.

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