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09.10.25 - 08:42
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Indian Traders Begin Switching To Chinese Yuan For Russian Oil Purchases: Report (ZeroHedge)
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Indian Traders Begin Switching To Chinese Yuan For Russian Oil Purchases: Report
Via The Cradle
India's state oil firm has begun making payments for Russian energy in Chinese currency, the yuan, according to a report released by Reuters on Tuesday.
"Indian Oil Corporation recently made payments in Chinese currency for two to three cargoes of Russian oil," informed sources told the British outlet.
Image: Getty Images
"Now, traders, which until now had to convert payments in dirhams or dollars into yuans – since only those can be directly exchanged into rubles needed to pay the producers – are seeking to remove one costly step from the process," one trade source said.
Sources also said that traders are "pricing Russian oil in dollars to ensure adherence to the European Union's price cap and seeking equivalent yuan payment," adding that "payments in yuan will expand the availability of Russian oil for Indian state refiners, given some traders would...
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06.10.25 - 20:18
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India′s oil demand growth fastest in world, unfettered by green push: BP (Times of India)
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India's oil demand is set to surge by over 68% to 9.1 million barrels per day by 2050, driven by robust economic growth, making it the fastest-growing energy market globally. BP forecasts natural gas consumption will also more than double. Fossil fuels will persist alongside renewables, with coal's share varying significantly based on climate action....
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