India Rejects Trump’s Pressure; To Continue Buying Russian Oil

DID Press: India has rejected U.S. President Donald Trump’s claim that it will stop buying oil from Russia, reaffirming that its oil imports from the country ongoing.

Just hours after Trump alleged that India had halted its oil purchases from Russia, official sources in the Indian government emphasized that the country’s refineries are still sourcing crude oil from Russian suppliers.

“Indian refineries continue to purchase oil from Russian suppliers. Their decisions are based on factors like price, type of crude oil, reserve levels, logistics, and other economic considerations,” reported Indian media, citing official sources.

To elaborate on the continued oil imports from Russia, informed sources explained that Russia, the second-largest crude oil producer in the world with a daily output of around 9.5 million barrels (almost 10% of global demand), is also the second-largest exporter, sending out about 4.5 million barrels of crude oil and 2.3 million barrels of refined products daily.

Concerns about the potential removal of Russian oil from the global market and disruption to traditional trade routes pushed Brent oil prices to $137 per barrel in March 2022.

“In such challenging circumstances, India, the third-largest energy consumer in the world with an 85% dependence on crude oil imports, has calibrated its energy supply strategy to ensure affordable energy while fully adhering to international regulations,” the sources noted.

“I’ve heard that India no longer wants to buy oil from Russia. I don’t know if that’s true or not, but if it is, that’s a good step. We’ll see what happens,” Trump said on Friday.

His remarks came just one day after the White House announced new tariffs on exports from about 70 countries.

Under the executive order, India will face a 25% tariff