India will only support proposed US price cap on Russian crude oil if supplies from Venezuela, Iran assured
India, the world’s third largest oil importer, is 85% dependent on imports to meet its oil needs, and the country cannot accept a situation in which free market prices are soaring due to uncertain and limited supplies, while a cap is imposed on cheaper products. sources.
“How can the cap discussion take place when sources of supply are tight?” a government official said HEY. “You can talk about a cap once supplies from Venezuela and Iran come to market.”
On Friday, G-7 finance ministers decided to impose the restriction, opting to determine its details later. However, Russia criticized the measure, saying it would cut supplies to countries implementing it.