Russia oil imports "a point of irritation" in India-US ties, says Rubio
India has not officially commented on Rubio's statement. Delhi has defended its purchases of Russian oil, arguing that as a major energy importer, it must buy the cheapest available crude to protect millions of poor Indians from rising costs.India ramped up its purchase of cheaper Russian crude after the Ukraine war began, triggered by sanctions from the West. Rubio acknowledged India's reasons for buying Russian oil, noting that the country had huge energy needs and that it was buying from Moscow because of its discounted prices. But he added that this was fuelling the Russian war effort in Ukraine."I think what you're seeing the President express is the very clear frustration that with so many other oil vendors available, India continues to buy so much from Russia," he added, alluding to Trump's threat of imposing penalties on Indian companies buying Russian oil and weapons.Reuters news agency reported that India's state-owned refineries like Hindustan Petroleum Corp (HPCL), Bharat Petroleum Corp (BPCL), Mangalore Refinery Petrochemical Ltd (MRPL) and Indian Oil Corp (IOCL) had stopped importing Russian crude since the past week due to lowered discounts.The BBC has reached out to the companies for comment.HSBC Global Investment Research also said there was a "significant decline" already in India's oil purchases from Russia in July. Last month, India's Minister of Petroleum and Natural Gas Hardeep Singh Puri had said that the country would be able to meet its oil needs from alternative sources if Russian supplies were hit by US sanctions.He said India had widened its pool of oil suppliers from 27 to about 40 countries.Any diversification in India's oil imports away from Russia is expected to have a minimal impact on India's current account deficit - the gap between the value of a country's exports and imports and international transfers of capital - according to CareEdge, a ratings agency. "The price differential between Russian Ural and Brent Crude has significantly narrowed to around $3 per barrel from an average of $20 per barrel in 2023," CareEdge said in a note.
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Reuters
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- Reuters
India to maintain Russian oil imports despite Trump threats, government sources say
NEW DELHI, Aug 2 (Reuters) - India will keep purchasing oil from Russia despite U.S. President Donald Trump's threats of penalties, two Indian government sources told Reuters on Saturday, not wishing to be identified due to the sensitivity of the matter. On top of a new 25% tariff on India's exports to the U.S., Trump indicated in a Truth Social post last month that India would face additional penalties for purchases of Russian arms and oil. On Friday, Trump told reporters he had heard that India would no longer be buying oil from Russia. But the sources said there would be no immediate changes. "These are long-term oil contracts," one of the sources said. "It is not so simple to just stop buying overnight." Justifying India's oil purchases from Russia, a second source said India's imports of Russian grades had helped avoid a global surge in oil prices, which have remained subdued despite Western curbs on the Russian oil sector. Unlike Iranian and Venezuelan oil, Russian crude is not subject to direct sanctions, and India is buying it below the current price cap fixed by the European Union, the source said. The New York Times also quoted two unnamed senior Indian officials on Saturday as saying there had been no change in Indian government policy. Indian government authorities did not respond to Reuters' request for official comment on its oil purchasing intentions. However, during a regular press briefing on Friday, foreign ministry spokesperson Randhir Jaiswal said India has a "steady and time-tested partnership" with Russia. "On our energy sourcing requirements ... we look at what is there available in the markets, what is there on offer, and also what is the prevailing global situation or circumstances," he said. The White House did not immediately respond to requests for comment. Trump, who has made ending Russia's war in Ukraine a priority of his administration since returning to office this year, has expressed growing impatience with Russian President Vladimir Putin in recent weeks. He has threatened 100% tariffs on U.S. imports from countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine. Russia is the leading supplier to India, the world's third-largest oil importer and consumer, accounting for about 35% of its overall supplies. India imported about 1.75 million barrels per day of Russian oil from January to June this year, up 1% from a year ago, according to data provided to Reuters by sources. But while the Indian government may not be deterred by Trump's threats, sources told Reuters this week that Indian state refiners stopped buying Russian oil after July discounts narrowed to their lowest since 2022 - when sanctions were first imposed on Moscow - due to lower Russian exports and steady demand. Indian Oil Corp ( opens new tab, Hindustan Petroleum Corp ( opens new tab, Bharat Petroleum Corp ( opens new tab and Mangalore Refinery Petrochemical Ltd ( opens new tab have not sought Russian crude in the past week or so, four sources told Reuters. Nayara Energy - a refinery majority-owned by Russian entities, including oil major Rosneft ( opens new tab, and major buyer of Russian oil - was recently sanctioned by the EU. Nayara's chief executive resigned following the sanctions, and three vessels laden with oil products from Nayara Energy have yet to discharge their cargoes, hindered by the new EU sanctions, Reuters reported last week.
The Independent
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The REAL Hunting Wives of Texas: Inside the East Texas town that inspired the Netflix hit show
They shoot skeet, they go to church every Sunday, and they vote Republican in every election. But underneath their typical Southern Christian façade lies something much deeper and darker, including scandal, cheating and even murder.
