Indian oil refiners continue to obtain oil from Russian suppliers, sources reported on Saturday a press agency or. The statement came several hours after US President Donald Trump said, “I understand that India will no longer buy oil from Russia. I have heard that, I do not know if it is right or not.”
Sources that clarify Trump’s remarks have revealed that the decisions on the supply of Indian oil refinery are “guided by the price, the degree of raw, stocks, logistics and other economic factors”.
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“Global oil prices could rise sharply if…”
Sources that provide the context for India’s decision to continue to obtain oil from Russian suppliers have said that Russia, the second largest oil producer in the world with a production of approximately 9.5 MB/D (almost 10% of global demand), is also the second largest exporter, transporting about 4.5 MB/D and 2.3 MB/d refined products.
“The concerns that Russian oil was pushed out of the market, and the subsequent dislocation of traditional trading flows led dated Brent prices to rise to $ 137 per barrel in March 2022,” they said.
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“In this demanding environment of India, as the third largest energy consumer in the world with 85% important oil addiction, it has strategically adapted its resources to ensure available energy and fully adhere to international standards,” the sources added.
They claimed: “If India did not absorb discounted Russian oil in combination with a reduction in OPEC production of 5.86 MB/D, global oil prices could increase far beyond March 2022 of $ 137/BBL, which intensifies inflationary pressures worldwide.”
Resources supported their decision to continue to acquire Russian oil and stated that Indian energy decisions were led by national interest, but also positively contributed to global energy stability.
“The Indian pragmatic approach maintained running oil, prices stable and balanced markets and at the same time fully respected international frameworks,” they said.
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“Russian oil has never been sanctioned”
Resources provide another historical context to their decision to obtain Russian oil and have also said that Russian oil has never been sanctioned. It is still not sanctioned either the US nor the EU, they said.
Instead, it was subjected to the G7/EU price mechanism, which aimed to reduce revenue and at the same time ensuring that global supplies continue to current, sources said.
“India worked as a responsible global energy actor and ensured that the markets remain liquid and prices stable. Indian purchases remained fully legitimate and within international standards,” they added.
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Indian OMC did not buy Iranian or Venezuelan oil, which actually sanctioned us. OMC has always met the price limit of $ 60 per Russian oil recommended US. Recently, the EU has recommended a price limit of $ 47.6 for Russian oil, which will be forced since September.
This week, Trump announced that the US would choose 25 percent of the tariff, a “plus punishment”, for good imported from India. He imposed a punishment in India for the purchase of the “large majority” of his military equipment and energy from Russia “at a time when everyone wants Russia to stop killing in Ukraine”.
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In the past July 3, Reuters reported and watched its sources that Indian state refineries suspended Russian oil purchases last week in the middle of tariff threats by US President Donald Trump and narrowing price discounts.
The sources also refuted media reports that India stops the purchase of Russian oil and, after the last commentary of the US President, reflects the claim in the media report.
(Tagstotranslate) Indian oil refinery
