(MENAFN) Leading Russian energy corporation executives are in New Delhi this week for the India Energy Week meeting as Moscow and New Delhi commit to enhancing their energy connections and enhancing their economic collaboration.
India, the third-largest oil consumer in the world, has begun to increase its purchases of Russian energy as a result of Western penalties that prompted Moscow to lower the price of its exports in a bid to attract new customers.
New Delhi has increased its purchases of Russian oil over the past year and is now Moscow's top client. India continues to purchase significant quantities of Russian energy resources even after the European Union placed a price restriction and a ban on oil exports. Moscow provided India with a record 1.17 million barrels of oil per day in December alone.
Igor Sechin, CEO of Russian oil giant Rosneft, claimed during the conference that Asia has replaced Europe as the region with which the Urals blend oil price is going to be determined.
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