Against the background of increased production. India has found another country for oil purchases to replace Russian – Reuters

Reuters writes about it.

“There is a possibility of increased purchases of energy carriers between India and the US,” Indian Oil Minister Hardeep Singh Puri told reporters. — “More American energy entering the market is welcome.”

He added that there is no shortage of oil on the market.

On January 21, Trump announced that he would immediately declare an energy emergency, promising to replenish strategic reserves and export American energy sources around the world.

During his inaugural address after being sworn in, Trump touted the US’s energy assets “liquid gold”, which will help the country to become a rich nation again.

Refineries in India, which imports more than 80% of its oil, have been hit hard by a jump in global oil prices and shipping tariffs after Washington recently imposed sweeping new sanctions against Russian insurers, tankers and oil producers, Reuters writes.

The world’s No. 3 oil importer and consumer has become the biggest buyer of Russian offshore oil at discounted prices after the European Union scrapped purchases and imposed sanctions on Moscow following its 2022 invasion of Ukraine.

Last year, Russian oil accounted for more than a third of India’s imports, but US sanctions are restricting supplies, forcing the buyer to turn to traditional sources in the Middle East.

Russian seaborne exports of crude oil reported their biggest drop since November after US President Joe Biden imposed sweeping sanctions on the country’s oil trade, in early signs that the measures are turning the tide.

On January 10, the United States introduced large-scale sanctions against the key Russian industry for financing the war in Ukraine – oil. They spread to the largest Russian oil producing companies: Gazpromneft and Surgutneftegaz, insurance companies, service providers in the oil and gas industry, Russian officials, as well as 183 vessels of the so-called ““shadow” fleet, which delivered Russian oil.

New American sanctions against Russian oil have forced India and China, which are its biggest buyers, to look for new suppliers — Russia’s competitors from the Middle East, Africa, and America.