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

NEW DELHI: Hours after US President Donald Trump claimed that he had heard that India is now not going to buy oil from Russia, authorities sources stated oil refiners proceed to buy 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 had been quoted as saying by information company ANI.Providing context on India’s continued oil imports from Russia, sources, as quoted by ANI, stated Russia— the world’s second-largest crude producer with an output of about 9.5 million barrels per day (almost 10% of global demand)— can also be the second-largest exporter, supplying roughly 4.5 million barrels per day of crude and 2.3 million barrels per day of refined merchandise. Concerns over the potential exit of Russian oil from global markets and the ensuing disruption in conventional commerce routes had pushed Brent crude costs 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. Earlier, Trump had stated whereas talking 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 got here a day after the White House introduced contemporary tariffs on exports from about 70 nations. The government order stated India will face tariffs of 25 per cent. However, it didn’t point out the extra “penalty” Trump had earlier linked to India’s purchases of Russian navy gear and energy.At the weekly media briefing on Friday, ministry of exterior affairs spokesperson Randhir Jaiswal was additionally requested about reviews that Indian oil corporations had stopped shopping for Russian oil previously week. He stated, “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 publish on Truth Social, additionally spoke about commerce with India and the nation’s defence and energy ties with Russia. He stated, “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, beginning 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 lifeless economies down collectively, for all I care. We have executed little or no enterprise with India, their Tariffs are too excessive, among the many highest within the World. Likewise, Russia and the USA do virtually no enterprise collectively. Let’s preserve it that manner…”