India justified the purchase of Russian oil by stabilizing prices on the world market

Purchases of Russian oil helped avoid a price surge and stabilized the global market, a source in the Indian government said. The official emphasized that a sharp cessation of imports from the Russian Federation would lead to a deficit similar to that which arose in 2022. Reuters reports this, according to UNN.

DetailsAs the publication notes, a source in the Indian government stated that “India’s purchases of Russian oil have helped stabilize global oil prices, easing pressure on supplies from other regions.” This is particularly due to the fact that India is the world’s third largest oil importer and consumer, and at the same time buys more than a third of its required oil from Russia.

“If we stop buying Russian oil, who will replace these barrels to maintain balance (in the market) and at the same time prevent prices from skyrocketing? We don’t want a repeat of 2022, when prices soared to $137 a barrel,” the source said, referring to the surge in the oil market around the time Russia’s invasion of Ukraine began.

The publication noted that the official spoke on condition of anonymity, as the source was not authorized to speak to the media.

RecallUS President Donald Trump announced a significant increase in tariffs on imports from India. The reason is Delhi’s active trade with Russia and the resale of Russian oil.

A day later, Trump announced another tariff increase for India within 24 hours.