Donald Trump Tariffs News Live Updates: India hardens stance on no-go areas for US trade talks; new tariffs on almost 70 countries effective August 7

Trump Tariff News Live: Report rebuts Trump’s claims on Russia oil

Is India still buying Russian oil? According to an ANI report quoting sources, Indian oil refiners maintain their procurement of oil from Russian vendors. Their decisions on supply are based on multiple factors including pricing, crude quality, storage levels, transportation considerations and other commercial aspects.

Sources explained that Russia holds the position of second-largest crude oil producer globally, with production of about 9.5 mb/d, representing approximately 10% of worldwide demand. As the second-largest exporter, Russia ships roughly 4.5 mb/d of crude and 2.3 mb/d of refined products. Concerns about Russian oil’s potential market exclusion and subsequent disruption of established trade patterns caused dated Brent crude prices to reach US $137 per barrel in March 2022.

“In this challenging environment, India, as the world’s third-largest energy consumer with 85% crude oil import dependence, strategically adapted its sourcing to secure affordable energy while fully adhering to international norms,” sources elaborated.

Previously, US President Donald Trump stated on Friday that India might stop purchasing Russian oil, describing it as “a good step” if verified, whilst India has maintained its sovereign authority to implement energy policies aligned with national interests.