“India seeks to import oil from Iran and Venezuela to compensate for reduced Russian suppliesIndia has appealed to the United States to allow the import of Iranian and Venezuelan oil to compensate for reduced purchases of
Russian crude. New Delhi emphasizes the need to maintain the country’s energy security and curb the rise in global energy prices.
”, — write: unn.ua
DetailsIndia has again appealed to the US administration to allow the purchase of crude oil from sanctioned countries – Iran and Venezuela.
This is due to plans for a gradual reduction in imports of Russian oil by the country’s refineries. According to sources familiar with the closed negotiations, New Delhi representatives warned American officials that a simultaneous cessation of supplies from all major suppliers could lead to a sharp increase in prices on the world market.
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The Indian delegation held meetings in the US after Washington imposed high tariffs on the country due to trade with Russia. Despite this, India continues to import Russian oil, receiving barrels at lower prices. Trade Minister Piyush Goyal emphasized that New Delhi seeks to increase purchases of American oil and gas, and energy security goals have a significant element of cooperation with the US.
Russian oil, which is sold to India at a discount after most other countries refused supplies due to the war in Ukraine, helps reduce import costs. Iranian and Venezuelan raw materials can offer similar favorable terms.
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India stopped buying Iranian oil in 2019, and the private company Reliance Industries stopped buying Venezuelan raw materials this year due to increased US sanctions. Switching to other oil from the Middle East will increase costs and overall import volume.
According to the Indian Ministry of Commerce, in July, refineries paid an average of $68.90 per barrel for Russian oil, compared to $77.50 from Saudi Arabia and $74.20 from the US. India is the largest buyer of Russian oil supplied by tankers, while China leads in total imports, including pipeline supplies.
The oil market is expected to have a surplus next year due to increased production by OPEC+ and producers outside the alliance, which could put downward pressure on global crude oil prices.
RecallPresident Donald Trump, speaking at the 80th session of the UN General Assembly, stated that the main sponsors of Russia’s war against Ukraine are India and China, as they actively buy Russian oil.
In his public address on Sunday, Indian Prime Minister Narendra Modi called on citizens to abandon foreign goods and prefer locally produced products. In this way, he promotes the country’s self-sufficiency campaign amid escalating trade relations with the US.