Russian oil has actually never ever been approved; rather, it went through a G7/EU price-cap system created to restrict income while guaranteeing worldwide products continued to stream.
Indian oil refiners continue to source oil from Russian providers, sources informed ANI
Their supply choices are directed by rate, grade of crude, stocks, logistics and other financial aspects, the sources exposed.
Supplying context for India’s choice to continue sourcing oil from Russian providers, sources stated that Russia, the world’s second-largest petroleum manufacturer with an output of around 9.5 mb/d (almost 10 percent of international need), is likewise the second-largest exporter, delivering about 4.5 mb/d of crude and 2.3 mb/d of fine-tuned items. Worries of Russian oil being pressed out of the marketplace and the ensuing dislocation of conventional trade circulations drove outdated Brent crude rates to skyrocket to United States $137 per barrel in March 2022.
“In this challenging environment, India, as the world’s third-largest energy consumer with 85 per cent crude oil import dependence, strategically adapted its sourcing to secure affordable energy while fully adhering to international norms,” included sources.
Previously, United States President Donald Trump on Friday (regional time) declared that India might stop acquiring Russian oil, calling it “a good step” if validated, while India has actually protected its sovereign right to perform energy policy based upon nationwide interest. Previously on July 31, Reuters reported, mentioning its sources, that Indian state-owned refineries suspended Russian oil purchases recently amidst hazards of tariffs from United States President Donald Trump and narrowing cost discount rates.
Supplying additional historic context to its choice of sourcing Russian Oil, sources informed ANI that Russian oil has actually never ever been approved; rather, it underwent a G7/EU price-cap system developed to restrict earnings while making sure international products continued to stream. India served as an accountable worldwide energy star, guaranteeing markets stay liquid and rates steady. India’s purchases have actually stayed totally genuine and within the structure of global standards.
“Had India not absorbed discounted Russian crude combined with OPEC+ production cuts of 5.86 mb/d, global oil prices could have surged well beyond the March 2022 peak of US$137/bbl, intensifying inflationary pressures worldwide,” included sources to ANI
It is likewise important to keep in mind that Russian oil has actually never ever been approved and it is still not approved by either United States or EU. Indian OMCs have actually not been purchasing Iranian or Venezuelan crude which is in fact approved by United States. OMCs have actually constantly adhered to the cost cap of $60 for Russian oil advised by the United States. Just recently EU has actually suggested a cost cap of $47.6 dollars for Russian crude which will be implemented from September.
Talking About European Union’s import of Russian origin liquified gas (LNG) throughout this duration, sources included, “EU was the largest importer of Russian liquefied natural gas (LNG) during this period, buying 51 per cent of Russia’s LNG exports, followed by China at 21 per cent and Japan at 18 per cent. Similarly, for pipeline gas, the EU remained the top buyer with a 37 per cent share, followed by China (30 per cent) and Turkey (27 per cent).”
Sources talking to ANI rebutted media reports of India stopping purchase of Russian Oil and after United States President’s newest remark echoing the claim in the media report.
United States President Trump made remarks while addressing an ANI concern, on whether he had a number in mind for the charges on India and if he was going to consult with Prime Minister Narendra Modi. “I understand that India is no longer going to be buying oil from Russia. That’s what I heard, I don’t know if that’s right or not. That is a good step. We will see what happens…”
Backing their choice to continue sourcing Russian Oil, sources included that India’s energy choices have actually been assisted by nationwide interest however have actually likewise contributed favorably to worldwide energy stability. India’s practical method kept oil streaming, costs steady and markets stabilized, while completely appreciating worldwide structures.
Released on August 2, 2025
