India continuing to buy oil from Russia: Report rebuts Donald Trump's 'good steps' claim; decision guided by national interest and global energy stability

Time of India

5 days ago

PM Modi, Donald Trump
NEW DELHI: Hours after US President Donald Trump claimed that he had heard that India is no longer going to buy oil from Russia, government sources said oil refiners continue to purchase crude from Russian suppliers.
"Indian oil refiners continue to source oil from Russian suppliers. Their supply decisions are guided by price, grade of crude, inventories, logistics and other economic factors," sources were quoted as saying by news agency ANI.
Providing context on India's continued oil imports from Russia, sources, as quoted by ANI, said Russia— the world's second-largest crude producer with an output of about 9.5 million barrels per day (nearly 10% of global demand)— is also the second-largest exporter, supplying roughly 4.5 million barrels per day of crude and 2.3 million barrels per day of refined products.
Concerns over the potential exit of Russian oil from global markets and the resulting disruption in traditional trade routes had driven Brent crude prices to spike to $137 per barrel in March 2022.
"In such a challenging scenario, India— the world's third-largest energy consumer with an 85% dependence on crude oil imports— adjusted its sourcing strategy to secure energy at affordable prices, while fully complying with international regulations," the sources added, as quoted by ANI.
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Undo
Earlier, Trump had said while speaking to reporters on Friday, "Well, I understand India no longer is going to be buying oil from Russia. 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."
His remarks came a day after the White House announced fresh tariffs on exports from about 70 countries. The executive order said India will face tariffs of 25 per cent. However, it did not mention the additional "penalty" Trump had earlier linked to India's purchases of Russian military equipment and energy.
At the weekly media briefing on Friday, ministry of external affairs spokesperson Randhir Jaiswal was also asked about reports that Indian oil companies had stopped buying Russian oil in the past week. He said, "As far as sourcing India's energy requirements is concerned, we take decisions based on the price at which oil is available in the international market and depending on the global situation at that time. As for the specifics of your particular question, I am not aware of it.
I don't have details of these specifics."
Trump, in a post on Truth Social, also spoke about trade with India and the country's defence and energy ties with Russia. He said, "India is our friend, we have, over the years, done relatively little business with them because their tariffs are far too high, among the highest in the world, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any country."
"Also, they have always bought a vast majority of their military equipment from Russia, and are Russia's largest buyer of energy, along with China, at a time when everyone wants Russia to stop the killing in Ukraine — All things not good!'
He added that India would face a 25 per cent tariff, "plus a penalty for the above, starting on August 1."
In another remark posted on Truth Social, Trump said, "I don't care what India does with Russia. They can take their dead economies down together, for all I care. We have done very little business with India, their Tariffs are too high, among the highest in the World. Likewise, Russia and the USA do almost no business together. Let's keep it that way..."
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