The president of the United States Trump has threatened India with punitive tariffs of an un specified amount in addition to the 25% general tariff rate for purchases of Russian weapons and Russian energy, says Commerzbank raw material analyst, Barbara Lambrecht.
Russia remains the most important oil supplier in India
“The pressure already seems to have an effect. The four state refineries of India allegedly stopped buying Russian oil last week, according to Reuters, citing four sources familiar with the refinery plans. In their place, it is said that they are buying oil in the spot market in the Middle East and Western Africa.”
“Bloomberg informs, citing informed sources, which the Indian government wants to know about state refineries how oil supplies can be ensured if Russia’s oil supplies are no longer available. However, most of the oil imports of India from Russia go to private refineries. In the first half of the year, these refineries bought almost 60% of russian oil deliveries They averaged 1.8 million barrels per day. “
“Russia represents about 35% of total oil imports in India, which makes it the most important oil supplier in India. It is unlikely that India can completely abandon Russian oil in the short term, especially because other countries are also under pressure to seek alternative suppliers.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
