Illustrative Image
According to Reuters, India is lobbying the Trump administration to allow it to purchase crude oil from Iran as a substitute for Russian supplies. This move comes amid Washington’s imposition of a 50% import tax on New Delhi for continuing energy transactions with Moscow.
Specifically, during their visit to Washington this week, Indian delegates emphasized that the country could only significantly reduce its crude oil imports from Russia if granted access to alternative sources from currently sanctioned producers. Alongside Iran, India has also proposed Venezuela as another potential supplier.
India is currently one of the largest buyers of Russian crude oil, benefiting from discounted prices after many nations curtailed trade with Moscow due to the Ukraine conflict. July data reveals that Russian oil averaged $68.90 per barrel, lower than the $74.20 from the U.S. and $77.50 from Saudi Arabia. With nearly 90% of its oil needs met through imports, Russia’s affordable supply helps New Delhi manage energy costs.
However, Washington views this as indirect financial support for Russia’s actions in Ukraine. President Trump criticized India and China at the United Nations General Assembly, labeling them as Moscow’s largest financial backers.
New Delhi argues that simultaneously restricting imports from Russia, Iran, and Venezuela—three major oil producers—would create a global supply shortage and drive prices upward. Therefore, India urges the U.S. to consider reopening import channels from Iran and Venezuela, which have been halted since 2019 under Washington’s sanctions pressure.
Indian Commerce Minister Piyush Goyal also stated that the country plans to increase oil and gas purchases from the U.S. in the future, viewing this as a critical component of its energy security strategy. Nonetheless, Indian officials stress that replacing Russian oil must be accompanied by access to competitively priced supplies from other restricted nations.
As of now, India’s Ministry of Commerce, Ministry of Petroleum, and the U.S. Embassy in New Delhi have not issued official comments on the negotiations.
India ceased purchasing Iranian oil in 2019, and its largest private refinery, Reliance Industries Ltd, stopped importing Venezuelan crude this year due to tightened U.S. sanctions. While refiners could shift to additional Middle Eastern oil, this would incur higher costs, increasing overall import expenses for the Asian nation.
Source: Reuters
After India, EU Nation Declares Loyalty to Russia: ‘We Cannot Ensure Energy Security Without Russian Oil and Gas’
In defiance of the U.S. appeal, the nation issued a startling statement.
Today’s Pepper Price (18/9): Slight Drop of 1,000 VND/kg
On September 18th, pepper prices dropped by 1,000 VND/kg compared to the previous day, settling at 147,000 – 150,000 VND/kg.
VinFast Poised to Dominate the World’s Largest Motorcycle Market with Electric Bikes, Challenging Industry Giants
VinFast, a Vietnamese automotive manufacturer, has boldly ventured into the global market by selecting a country 18 hours away by flight as its inaugural destination for electric motorcycle exports. This strategic move marks a significant milestone, showcasing VinFast’s ambition to expand its presence in the international electric vehicle arena.
India Slashed US Oil Imports: A New Supplier Emerges with a Deal of Over 3 Million Barrels, Set to Arrive from Late October
Let me know if you would like me to elaborate on this headline or provide additional details to craft a full-length article!
“With the US ramping up pressure, India is treading carefully when it comes to choosing its crude oil suppliers.”
Title: US Tariff Hike: BRICS Nations Defiant in the Face of 50% Tax on Russian Oil Imports
“India asserts that the recent decline in Russian oil imports is merely a result of already-high inventory levels. With a strategic eye, India is ensuring its energy security by diversifying sources and managing stock levels, all while navigating the complex geopolitical landscape.”
