Regardless of US President Donald Trump’s current remarks suggesting that India could have halted Russian oil imports, Indian authorities sources have confirmed that oil refiners proceed sourcing Russian crude, guided by financial and strategic issues—and in full compliance with worldwide norms.
Responding to Trump’s remark that “India is now not going to be shopping for oil from Russia,” sources in an ANI report mentioned Indian oil corporations haven’t paused Russian imports, and provide selections stay primarily based on elements like worth, logistics, crude grade, and stock wants.
Trump made the assertion on Friday, calling the potential transfer “an excellent step” if true. However Indian officers pushed again, reiterating that India’s vitality coverage is grounded in nationwide curiosity and pushed by financial realities.
Offering context, sources famous that Russia is the world’s second-largest crude producer, with an output of 9.5 million barrels per day—roughly 10% of worldwide demand—and continues to export roughly 4.5 mb/d of crude and a pair of.3 mb/d of refined merchandise.
India, the third-largest vitality shopper globally, with 85% dependence on oil imports, has tailored its sourcing technique amid geopolitical and market disruptions to safe reasonably priced vitality, whereas adhering to worldwide norms, they added.
Notably, Russian oil has by no means been immediately sanctioned by the US or EU. As an alternative, it’s topic to the G7/EU worth cap mechanism geared toward limiting Kremlin revenues with out disturbing world provide.
Indian refiners have complied with the $60/barrel cap and haven’t sourced Iranian or Venezuelan crude, that are beneath direct US sanctions.
Sources within the report additionally pushed again on experiences—similar to these from Reuters—that some Indian state-owned refiners had suspended Russian purchases, calling such claims “inaccurate.” The MEA earlier clarified it was not conscious of any particular change in procurement.
Pointing to world dynamics, Indian officers emphasised that India’s continued buy of Russian oil has helped stop a repeat of the March 2022 Brent worth spike to $137/barrel. With OPEC+ slicing output by 5.86 mb/d, Indian demand for discounted Russian crude helped keep world worth stability and restrict inflationary shocks.
