India continues to help Russia get rid of excess cheap oil, which is formed after drones drones in oil refineries.
India plans to increase Russian oil imports in September 10-20%, despite new US penalties. The decision was associated with a reduction in Russian oil prices after attacking Ukrainian drones. It reports about it Reuters On Thursday, August 28th.
India became Russia’s largest oil consumer after Russian invasion of Ukraine in 2022. It allowed Indian oil refiners to use cheaper oil.
However, such purchases have led to the condemnation of US President Donald Trump’s government, which has increased customs tariffs for Indian goods up to 50% on Wednesday. New Delhi says to settle to resolve the issue, but prime minister Narendra Modi also went on a tour for the development of diplomatic relations with other countries, in particular, identified the leader of Russia Vladimir Putin.
US officials have accused India to earn Russian oil, while Indian officials accused the west of double standard, as the European Union and the United States are still buying Russian goods for billions -billion dollars.
Without India, Russia has difficulty maintaining exporting to the existing level, which will reduce the exports of financial oil to the Kremlin’s budget and the continuation of the war against Ukraine.
Three trade sources involved in the sale of oil said India oil refiners increased Russia’s oil purchase in September 10-20% compared to August, or 150,000-300,000 barrels per day.
The largest consumer of Russia’s oil in India is hope and Nayara Energy.
In the first 20 days of August, India imported 1.5 million barrels of Russian oil per day, such as July, but slightly less than the average of 1.6 million barrels per day for the January-June period.
These volumes make up about 1.5% of the supplies in the world, making India the largest Russian oil buyer by sea. Large Russian oil buyers are China and Türkiye.
In recent years, Russian oil extraction of Russian oil has increased in recent years has led to a reduction in the supply of more expensive oil from the organization of oil exports (OPEC). Part of OPEC grew up in 2024 after eight -a -decline.
Russian exporters sold Urals oil with a supply of $ 2-3 3 per barrel in Brent’s reference, resources said. These levels are cheaper than the discounts of $ 1.50 per barrel in August, which has been minimal since 2022.
“If India does not provide a clear political order or the trade economy does not change dramatically, Russia’s oil will probably remain a major part of its supply,” Sumit Ritolia said from Kpler.
The CLSA broker company has just predicted the “limited likelihood of India to stop importing Russian oil” if a global embargo is not introduced.
In addition to the US duties, the European Union also restricted the price of the threshold aimed at tightening Kremlin’s oil revenues, which complicated sales next year. The EU has set a threshold at a level of $ 47.60 per barrel from September 2 – 15% less than the Russian oil market price – limiting access to western services for goods sold above this threshold.
Earlier it was reported that the roles introduced by Trump could reduce India’s exports by $ 37 billion, which exceeded savings from cheap Russian oil in recent years.
As you know, Donald Trump has repeatedly threatened India to increase tariffs, as it bought a large volume of Russian oil.
We added that India also accused the United States and Europe of trade in Russia after Trump threatened it with tariffs.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.