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Trump spoke to the media while leaving the White House on Friday.
US President Trump said on Friday that there are reports that India will not buy oil from Russia for long. However, he said that he was not aware of the correct of these reports. But if this happens then it will be a good thing. Let’s see what happens.
Earlier, Reuters reports claimed that India almost stopped buying oil from Russia due to American pressure and increase in price. After this, the Indian Ministry of External Affairs held a press conference on Friday evening. However, it was not clarified in how much truth is there in this claim.
Reuters claim- Indian companies less benefits
Reuters said in their report on July 30 that Indian oil companies such as Indian Oil Corporation, Hindustan Petroleum and Bharat Petroleum have stopped the purchase of oil from Russia, as the discounts are decreasing and there are problems in shipping.
It was also said that crude oil has not been demanded from Russia in the last one week. Indian refineries are buying less Russian crude oil, as the discount from there has become the lowest since 2022.
Now the refineries are afraid that the new restrictions on Russia may cause difficulties in foreign trade. The European Union imposed new sanctions on Russia on 18 July. Which includes measures to harm more to the Russian oil and energy industry.
The European Union is trying to keep the price of Russian oil 15% less than the market price.
Indian officials said- still buying Russian oil
Meanwhile, the ANI report quoted sources claiming that Indian companies are still buying oil from Russia. Foreign Ministry officials told sources that the decision to purchase oil is completely based on economic reasons, such as the price of oil, its variety, existing reserves, logistic facilities and other business needs.
Officials said Russia is the world’s second largest crude oil producer and exporter. He extracts around 9.5 million barrels of oil every day, which is about 10% of the world’s total demand. India is the third largest energy consumer in the world and imports about 85% of its needs.
In such a situation, India has strategically fixed its sources of energy by following international rules so that cheap and reliable supply remains.
Officials said- no ban on buying Russian oil
Indian sources said that there is no international ban on buying oil from Russia. Yes, the G7 countries and the European union have definitely set a limit at its cost, so that Russia does not earn too much and the supply of oil to the world also remains. India has always followed this rule and whatever oil has been bought, they have bought it within international rules.
Sources also said that when OPEC+ countries had reduced the production of oil greatly, if India had not bought cheap oil from Russia, the oil prices in the world would have increased further. This also increased inflation. India took a decision wisely and acted like a responsible buyer, making the oil market stable.
Trump called the Economy of India-Russia dead
On July 30, the Trump administration imposed 25% tariff and additional fine on imports from India. This tariff will be applicable from August 7. Trump described India’s buying oil from Russia and older business restrictions as the reason for this.
In addition, Trump strongly criticized the economies of India and Russia as a dead economy this week. He wrote in a social media post, ‘I don’t care what India does with Russia. They drown their dead economy along, I don’t mind. ‘
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