India makes historic shift, pays for UAE crude oil in rupees.
New Delhi: India, the world’s third largest energy consumer, has taken a significant step by making its first-ever payment in rupees for crude oil purchased from the UAE. This move is part of India’s efforts to promote the global use of its local currency. Indian officials have expressed their intention to seek similar arrangements with other oil suppliers, emphasizing that internationalization is an ongoing process without set targets.
Given that over 85% of India’s oil requirements are met through imports, the country has pursued a three-pronged strategy: sourcing from the most cost-effective suppliers, diversifying its sources of oil, and ensuring compliance with international obligations, such as price caps with Russian oil.
By settling trade in rupees instead of dollars, India aims to reduce transaction costs associated with currency conversions. In July, an agreement was signed with the UAE for rupee settlement, enabling Indian Oil Corporation (IOC) to make payments for one million barrels of crude oil from Abu Dhabi National Oil Company (Adnoc) using the Indian rupee. Additionally, some imports of Russian oil have also been settled in rupees.
Officials anticipate the possibility of more such agreements in the future, demonstrating India’s commitment to enhancing economic ties and exploring opportunities for conducting trade in its local currency.
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