Oil executives brush aside Trump's tariff threat on Russian crude oil
see US President Donald Trump's threat to impose 100% secondary tariffs on Russia as a negotiating tactic, with little real-world implication for
global oil markets
or India's imports of Russian crude.
The oil market barely reacted to Trump's assertion on Tuesday, with Brent trading around $69 per barrel, similar to levels seen over past week.
Refinery executives said if implemented, the proposed tariff could effectively shut Russia out of the global oil market, pushing prices to $120 per barrel or more, derailing Trump's own low-energy-price agenda and fuelling global inflation. Russia exports about 4.5-5.0 million barrels per day (mbd) of crude oil, roughly 5 per cent of total global demand.
In addition, it exports about 2 mbd of refined products.
Conversely, if India and China were targeted with 100 per cent tariffs for continuing to buy Russian oil, the resulting spike in US import costs from these countries could burden American consumers and prove politically difficult for Trump to manage, executives said.
"This whole tariff game is about Trump trying to strike deals with countries, including Russia, not about disrupting energy trade or dealing with high inflation at home," an executive said.
Another executive said Trump's warning was just a ploy to induce seriousness in negotiations with Russia, whose leader Vladimir Putin has been following a dual-track strategy-engaging with Trump over the phone and talking of a peace deal, while simultaneously hammering Ukraine with missiles and drones.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
First Post
21 minutes ago
- First Post
China begins construction of $167.8 billion Brahmaputra dam near India border
China on Saturday formally started the construction of the USD 167.8 billion dam over the Brahmaputra river in Tibet, closer to the Indian border in Arunachal Pradesh. read more China on Saturday officially commenced construction of a massive USD 167.8 billion dam on the Brahmaputra river in Tibet, close to the Indian state of Arunachal Pradesh. Chinese Premier Li Qiang announced the project's launch during a ground-breaking ceremony held in Nyingchi City, located along the lower stretches of the Brahmaputra, locally known in China as the Yarlung Zangbo, according to state media. The ceremony was held at the site of the Mainling hydropower station in Tibet's Nyingchi region, the official Xinhua news agency reported. STORY CONTINUES BELOW THIS AD Touted as the world's largest infrastructure initiative, the project has triggered concerns in downstream countries, particularly India and Bangladesh. The project will consist of five cascade hydropower stations, with a total investment estimated at around 1.2 trillion Yuan (about USD 167.8 billion), the report said. According to a 2023 report, the hydropower station is expected to generate more than 300 billion kWh of electricity each year – enough to meet the annual needs of over 300 million people. It will primarily deliver electricity for external consumption while also addressing local demand in Tibet, which China officially refers to as Xizang. Representatives from various organisations, including the National Development and Reform Commission and the Power Construction Corporation of China and locals attended the ceremony, the report said. With inputs from agencies
India.com
21 minutes ago
- India.com
Why WCL Match Against Pakistan Highlights Indian Stars Hypocrisy On Terrorism- DNA Explained
A national wide debate has erupted as India prepares to face Pakistan in the WCL match scheduled for Sunday night in Birmingham, UK. The outrage comes just 88 days after the brutal Pahalgam terror attack on April 22, in which 26 Hindu pilgrims were killed after being asked their religion. The mood across India is one of anger and disbelief as citizens question the decision of former Indian cricket stars to play against a country that continues to shelter and promote terrorism. Many Indians, including retired army officers, political leaders, religious heads, and the general public, have voiced strong opposition to the match. The core argument: how can Indian players share the field with Pakistani cricketers while Pakistan celebrates Kashmir Solidarity Day and continues to provoke India diplomatically and through terror networks? In today's DNA, Zee news Managing editor, Rahul Sinha explained why WCL match against Pakistan highlights Indian stars hypocrisy. Watch Today's DNA Full Episode: PAK खिलाड़ी..मैच से पहले भारत को कैसे चिढ़ा रहे? मुंबई का भिंडी बाजार..मराठी पर ठाकरे को 'ललकार'! शादीशुदा जोड़ों के बढ़ते मोटापे का DNA टेस्ट देखिए #DNA LIVE Rahul Sinha के साथ#ZeeLive #DNAWithRahulSinha #PahalgamYaPakistan @RahulSinhaTV — Zee News (ZeeNews) July 19, 2025 Shahid Afridi, who has openly made anti-India statements and participated in rallies against the Indian Army, has been featured in promotional videos showing him preparing to play against India despite not participating in Pakistan's previous matches. This has been seen as a deliberate provocation, especially since Afridi's brother, a former terrorist commander, was killed by Indian forces in 2003. Concerns have also been raised about the financial implications of such matches. Critics argue that participating in this match could inadvertently channel funds to anti-India elements, especially when players like Afridi and Shoaib Malik, who openly support the Pakistani army, are involved. Amid this backlash, Shiv Sena (UBT) MP Priyanka Chaturvedi tweeted, 'Absolutely shameless! Hello GoI, what happened to no engagement with Pakistan? We dont have the Pahalgam terrorists yet but here we have an Indian side desperate to resume cricket matches with Pakistan. If nothing else atleast think of those families who lost their loved one in the terror attack. Hello BCCI, ICC - the blood money you'll seek shows your moral bankruptcy." Calls have been made for EaseMyTrip, the league's sponsor, to withdraw support from the Pakistan team entirely. The company had earlier boycotted the Maldives over anti-India comments, raising questions about consistency in its nationalistic stance. As of now, the match remains scheduled. But the pressure on players and organisers continues to mount, with the nation's conscience calling on them to reconsider what truly makes someone a 'legend.'
Indian Express
21 minutes ago
- Indian Express
9-member Tipra Motha delegation to meet EC officials in New Delhi, raise issue of illegal immigration from Bangladesh
Tipra Motha founder Pradyot Kishore Manikya Debbarma Saturday announced that the Election Commission (EC) has invited a delegation of his party to New Delhi to discuss the issue of illegal migration from Bangladesh. In a post on X, Pradyot Kishore said, 'After continuous uproar and media attention from all of us from TIPRA Motha, the Election Commission of India has invited us to discuss the matter of illegal migration from Bangladesh to India on the 23rd of July…' He also said, 'My only answer to all those who continue to criticise us – at least we are trying to protect our next generation and looking beyond party politics. This is not just a fight of the TIPRA Motha Party but every Indian. Please rise above party politics and unite against illegal migration.' A Tipra Motha spokesperson announced that the party would send a nine-member team headed by Pradyot Kishore to meet EC officials. The other members of the team are Minister Animesh Debbarma, Minister of State Brishaketu Debbarma, Tripura Tribal Areas Autonomous District Council (TTAADC) Chairman Jagadish Debbarma, TTAADC Chief Executive Member Purna Chandra Jamatia, and MLAs Ranjit Debbarma, Pathan Lal Jamatia, Philip Kumar Reang, and Sadagar Kalai. Tipra Motha legislator Ranjit Debbarma had recently said that though BJP-ruled states like Assam and Gujarat have adopted strong steps against illegal immigrants, the Tripura government was yet to do so. The EC invite also comes just days after Pradyot Kishore demanded a Bihar-style Special Intensive Revision (SIR) of electoral rolls in Tripura, alleging that scores of Bangladeshis have procured Aadhaar cards illegally in the northeastern state in connivance with corrupt government officials. Meanwhile, it has been learnt that the state government has decided to form a task force in each district to detect and deport illegal migrants. Each task force would be headed by a senior police officer, while officers-in-charge of different police stations of the district concerned would be members. Earlier in the month, such a task force was formed only in the West Tripura district.
