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New Indian Express
25 minutes ago
- New Indian Express
Indian Oil refiners continue to source oil from Russia
Washington DC: Indian oil refiners continue to source oil from Russian suppliers, sources told ANI. Their supply decisions are guided by price, grade of crude, inventories, logistics and other economic factors, the sources revealed. Providing context for India's decision to continue sourcing oil from Russian suppliers, sources said that Russia, the world's second-largest crude oil producer with an output of around 9.5 mb/d (nearly 10% of global demand), is also the second-largest exporter, shipping about 4.5 mb/d of crude and 2.3 mb/d of refined products. Fears of Russian oil being pushed out of the market and the consequent dislocation of traditional trade flows drove dated Brent crude prices to soar to US $137 per barrel in March 2022. "In this challenging environment, India, as the world's third-largest energy consumer with 85% crude oil import dependence, strategically adapted its sourcing to secure affordable energy while fully adhering to international norms," added sources. Earlier, United States President Donald Trump on Friday (local time) claimed that India may cease purchasing Russian oil, calling it "a good step" if confirmed, while India has defended its sovereign right to conduct energy policy based on national interest. Earlier on July 31st, Reuters reported, citing its sources, that Indian state-owned refineries suspended Russian oil purchases last week amid threats of tariffs from US President Donald Trump and narrowing price discounts. Providing further historical context to its decision of sourcing Russian Oil, sources told ANI that Russian oil has never been sanctioned ; instead, it was subjected to a G7/EU price-cap mechanism designed to limit revenue while ensuring global supplies continued to flow. India acted as a responsible global energy actor, ensuring markets remain liquid and prices stable. India's purchases have remained fully legitimate and within the framework of international norms. "Had India not absorbed discounted Russian crude combined with OPEC+ production cuts of 5.86 mb/d, global oil prices could have surged well beyond the March 2022 peak of US$137/bbl, intensifying inflationary pressures worldwide," added sources to ANI. It is also pertinent to note that Russian oil has never been sanctioned and it is still not sanctioned by either US or EU. Indian OMCs have not been buying Iranian or Venezuelan crude which is actually sanctioned by US. OMCs have always complied with the price cap of $60 for Russian oil recommended by the US. Recently EU has recommended a price cap of $47.6 dollars for Russian crude which will be enforced from September. Commenting on European Union's import of Russian origin liquified natural gas (LNG) during this period, sources added, "EU was the largest importer of Russian liquefied natural gas (LNG) during this period, buying 51% of Russia's LNG exports, followed by China at 21% and Japan at 18%. Similarly, for pipeline gas, the EU remained the top buyer with a 37% share, followed by China (30%) and Turkey (27%)." Sources speaking to ANI rebutted media reports of India halting purchase of Russian Oil and after US President's latest comment echoing the claim in the media report. US President Trump made remarks while answering an ANI question, on whether he had a number in mind for the penalties on India and if he was going to speak with Prime Minister Narendra Modi., "I understand that India is no longer going to be buying oil from Russia. That's what I heard, I don't know if that's right or not. That is a good step. We will see what happens..." Backing their decision to continue sourcing Russian Oil, Sources added that India's energy decisions have been guided by national interest but have also contributed positively to global energy stability. India's pragmatic approach kept oil flowing, prices stable, and markets balanced, while fully respecting international frameworks. ANI
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First Post
25 minutes ago
- First Post
Indian refiners still buying oil from Russia, report claims amid Trump's 'halt' remark
Indian refiners reportedly keep buying Russian crude oil for economic reasons, despite US President Trump's claim that India stopped. Earlier, the ministry of external affairs had defended India's longstanding partnership with Russia read more Advertisement Indian Prime Minister Narendra Modi and Russian President Vladimir Putin. File image/ Reuters Indian refiners have not stopped buying crude oil from Russia, news agency ANI has reported, citing sources in the government. 'Their supply decisions are guided by price, grade of crude, inventories, logistics and other economic factors,' the agency quoted the source as saying. The sources also highlighted Russia's crucial place in the global oil market, being the world's second-largest exporter of crude. Fears of Russian oil being pushed out of the market and the consequent dislocation of traditional trade flows drove dated Brent crude prices to soar to US$137 per barrel in March 2022. STORY CONTINUES BELOW THIS AD 'In this challenging environment, India, as the world's third-largest energy consumer with 85 per cent crude oil import dependence, strategically adapted its sourcing to secure affordable energy while fully adhering to international norms,' said the sources. Earlier, US President Donald Trump on Friday (August 1) said he heard that India is no longer purchasing oil from Russia. While speaking to the reporters, Trump went on to describe the alleged halting of oil purchases as a 'good step'. 'I understand India no longer is going to be buying oil from Russia,' Trump told reporters as he departed the White House for his weekend trip to his Bedminster Golf Club in New Jersey. 'That's what I heard. I don't know if that's right or not, but that's a good step. We'll see what happens,' he said. Trump's statement came after news agency Reuters reported, citing sources, that Indian state-owned refineries suspended Russian oil purchases last week amid threats of tariffs from US and narrowing price discounts. Meanwhile, the Ministry of External Affairs Spokesperson Randhir Jaiswal on Friday responded to the criticisms hurled by the Trump administration and defended India's longstanding partnership with Russia. 'India and Russia share a steady and time-tested partnership,' he said. Jaiswal also reaffirmed the strength of the India-US relationship, noting it is based on 'shared interests, democratic values, and robust people-to-people ties,' and expressed confidence that bilateral relations would continue to move forward despite current tensions.
Indian Express
25 minutes ago
- Indian Express
India-US relations: Trump's tariffs, signals on China & Pakistan challenge strategic calculus
After over nearly two decades of steady progress, India-US relations may, quite abruptly, be at an inflection point. The next few months should provide important clues about how matters will unfold. Several developments in the recent past raise questions about the trajectory of the relationship. The first disturbing sign emerged during the Pahalgam crisis. As the short, intense crisis ended, President Donald Trump asserted that he was instrumental in bringing the conflict to a close through the threat of trade sanctions on both antagonists. Subsequently, he has doubled down on his initial claim even as his Indian interlocutors continue to deny their veracity. To compound matters, his Vice President, J D Vance, also offered the good offices of the United States to mediate an end to the Kashmir dispute. Apparently, he was unaware that the last Anglo-US effort in November 1962, in the form of the Harriman-Sandys Mission, had made no meaningful headway whatsoever against a far, far weaker India. From the standpoint of New Delhi, these assertions alone were not the only disturbing signs. Shortly after the crisis concluded, Trump invited Field Marshal Asim Munir, the chief of staff of the Pakistan Army, for lunch at the White House. This was the first time in the history of the US-Pakistan bilateral relationship that a Pakistan Army chief had been accorded this rare honour. (The self-styled Field Marshal, Mohammed Ayub Khan, when he visited the United States, was also the formal head of the Pakistani state). All these developments, no doubt, ruffled feathers in New Delhi. They need to be placed in a broader institutional context. As of today, the Trump administration has yet to appoint an ambassador to New Delhi. During the crisis and even thereafter, the Republican-run United States senate had not confirmed an assistant secretary of state for South and Central Asian Affairs, the highest ranking official responsible for overseeing the bilateral relationship. To make matters worse, just this week Trump, despite good-faith efforts on the part of senior Indian trade negotiators who have made multiple trips to Washington, DC, has threatened to impose a 25 per cent tariff on Indian exports to the United States. In imposing these tariffs, he publicly complained that India was purchasing significant amounts of petroleum from Russia and still purchasing ample quantities of Russian weaponry. What Trump fails to understand is that this latest round of prospective tariffs, far from inducing India to make prompt concessions, may limit Prime Minister Narendra Modi's room for manoeuvre in attempting to reach a trade accord with the United States. Under external duress, and with at least two domestic factors hemming him in, his ability to work toward a deal with the United States may well be quite limited. First, as is altogether well known, his government is facing a difficult election in Bihar. Second, in the current, Monsoon Session of Parliament, the Opposition has been haranguing his government to make a clean breast of the precise role that American pressure may or may not have played in bringing about the ceasefire with Pakistan in the wake of the Pahalgam crisis. These issues, however, are not the only sources of misgiving in New Delhi. For several weeks, key members of the Trump administration have been in discussions with their counterparts in the People's Republic of China (PRC) about reaching a trade accord and even organising a summit between Trump and Xi Jinping. Indeed, it is reasonable to infer that some progress has been made on both fronts. Such an inference is hardly unreasonable given that the current Taiwanese President, Lai Cheng-te, was told not to fly through the United States while on an upcoming visit to Latin America. He was, no doubt, told not to stop over in the United States as PRC officials have routinely objected to such visits or even stopovers on the part of high-ranking Taiwanese officials. If the administration can make headway with the PRC on a trade agreement and, worse still, possibly back away from other historic strategic commitments, such as an unequivocal support for Taiwan, it could very easily leave New Delhi to its own devices when dealing with the threat from the PRC. Consequently, these overtures toward Beijing on the part of Washington, DC, can be of legitimate concern in New Delhi as it has long had fears about possible American abandonment. Trump's abrupt announcement on X (formerly Twitter) on July 30 that his administration had reached an accord to explore and develop Pakistan's oil reserves will only fuel further concern and distrust in New Delhi. At a time when the US-India bilateral relationship was already in the doldrums, this announcement will reinforce further doubts about what significance the administration attaches to the Indo-US strategic partnership. Modi, who had staked much on his personal rapport with Trump, may conclude that the seeming bonhomie that he had developed with him during the first term may not translate into welcome policy choices in the second. Trump, in turn, in his quest for short-term gains, may well squander much of the goodwill and trust that had been so painstakingly built up across administrations, both Democratic and Republican, over the past two decades. Such an outcome will be to the detriment of both parties. The writer is a senior fellow and directs the Huntington Programme on strengthening US-India relations at the Hoover Institution, Stanford University
