India, Russia seek new level of crude oil ties

摘要

FEATURE St Petersburg-India and Russia are determined to further deepen their strategic relationship but there is some way to go before their respective oil industries thrive as a result of the partnership. This appeared to be the message from delegates and executives at the St Petersburg International Economic Forum last week. Russian and Indian officials discussed the need to streamline the way business is carried out between the two countries and to make the most of what was described as a “complementary relationship,” with India one of the largest consumers of oil and consistent economic growth of 7-8% and Russia one of the biggest producers, with crude output close to 11 million b/d so far this year.