Despite US President Donald Trump’s latest remarks suggesting that India could have halted Russian oil imports, Indian authorities sources have confirmed that oil refiners proceed sourcing Russian crude, guided by financial and strategic issues—and in full compliance with worldwide norms.
Responding to Trump’s comment that “India is now not going to be buying oil from Russia,” sources in an ANI report stated Indian oil corporations haven’t paused Russian imports, and provide choices stay based mostly on components like value, logistics, crude grade, and stock wants.
Trump made the assertion on Friday, calling the potential transfer “a superb step” if true. However Indian officers pushed again, reiterating that India’s power coverage is grounded in nationwide curiosity and pushed by financial realities.
Offering context, sources famous that Russia is the world’s second-largest crude producer, with an output of 9.5 million barrels per day—roughly 10% of worldwide demand—and continues to export roughly 4.5 mb/d of crude and a couple of.3 mb/d of refined merchandise.
India, the third-largest power shopper globally, with 85% dependence on oil imports, has tailored its sourcing technique amid geopolitical and market disruptions to safe inexpensive power, whereas adhering to worldwide norms, they added.
Notably, Russian oil has by no means been instantly sanctioned by the US or EU. As an alternative, it’s topic to the G7/EU value cap mechanism geared toward limiting Kremlin revenues with out disturbing world provide.
Indian refiners have complied with the $60/barrel cap and haven’t sourced Iranian or Venezuelan crude, that are below direct US sanctions.
Sources within the report additionally pushed again on stories—similar to these from Reuters—that some Indian state-owned refiners had suspended Russian purchases, calling such claims “inaccurate.” The MEA earlier clarified it was not conscious of any particular change in procurement.
Pointing to world dynamics, Indian officers emphasised that India’s continued buy of Russian oil has helped forestall a repeat of the March 2022 Brent value spike to $137/barrel. With OPEC+ chopping output by 5.86 mb/d, Indian demand for discounted Russian crude helped preserve world value stability and restrict inflationary shocks.
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