India makes first crude oil payment to UAE in local currency

• Posted in OilGas
• on August 16, 2023
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India and the United Arab Emirates have initiated a paradigm shift in their bilateral trade dynamics by instituting transactions denominated in their respective domestic currencies.

Notably, India’s leading petroleum refiner, Indian Oil Corp, recently concluded a transaction wherein it conducted payment in rupees for the procurement of one million barrels of oil from the Middle Eastern nation.

This pivotal move underscores a pivotal shift in trade modalities and was executed through a payment to the Abu Dhabi National Oil Company (ADNOC), as confirmed by an official statement from the Indian embassy in the UAE.

This reflects India’s endeavor to leverage its trade landscape by reducing reliance on the dollar and consequently streamlining transactional intricacies

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