Indian officials again said Trump’s administration that a significant reduction in the import of Russian oil at the South Asian nation’s refiners would require Washington to allow raw purchases from sanctioned suppliers of Iran and Venezuela.
The delegation that visited the US this week repeated the request at meetings with US officials, said a person with knowledge of discussions and asked not to be identified because the interviews are private. Indian representatives stressed that at the same time cutting off the offer of Indian refiners from Russia, Iran and Venezuela – all the main oil producers – could lead to an increase in global prices, people who are familiar with the actions.
A spokesman for the Ministry of Commerce and Oil and the US Embassy in Nový Delhi did not immediately respond to requests for comment.
Representatives of the new Delhi traveled to the US for interviews after Washington deposited on Earth to crush tariffs for his trade in Russia. Despite fees, the South Asian nation maintained its brutal import from OPEC producer, albeit at a lower rate.
Indian Trade Minister Piyush Goyal said this week that the country wants to increase its purchases of American oil and gas and added that “our energy security goals will have a very high element of involvement of us.” Notes in New York.
Russia was forced to reduce its rude after many others avoided the trade in Moscow because of the war in Ukraine. Almost 90% of Indian oil needs are met by imports and cheaper Russian barrels helped reduce the load on its import account. Similarly, Iranian and Venezuelan oil would be reduced.
In 2019, India ceased to buy Iranian oil and the largest private refiner – Reliance Industries Ltd. – This year he stopped shopping by Venezuelan vultures when the US tightened sanctions. Processors can move to the purchase of more barrels in the Middle East, but it will cost at higher costs and inflate the total import law.
According to the Ministry of Trade in July, oil refiners paid an average of $ 68.90 per barrel for Russian oil. India is the largest buyer of Russian oil supplied by the tanker, while China is the largest overall importer, including the gas pipeline supplies.
The oil market is also on the way for a big surplus next year, because OPEC Alliance and producers from the external output of the group, which is likely to exert pressure on global oil prices.
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