According to the Bloomberg press agency, Indian refineries, which are one of the largest buyers of Russian oil, plan to limit her purchases in the coming weeks.
“State and private processing plants, including Giant Reliance Industries Ltd., are going to buy from 1.4 to 1.6 million barrels a day with loading from October and later” – informed the agency asking for anonymity of the interlocutor.
In a record month, i.e. April this year, companies from India imported 2 million barrels a day from Russia.
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Donald Trump punished India for buying oil from Russia
At the beginning of August, US President Donald Trump imposed high duties on goods from India. For some goods, this means that they will be covered by a 50 % tax. The American leader justified the fact that “this country buys Russian oil.” The new customs tariff will become effective from Wednesday, August 27. India is the fifth world economy in terms of GDP value in nominal terms.
As explained in an interview with the TASS Agency, the Ambassador of India in Russia Vinay Kumar, the actions of the United States are unfair, unfounded and unreasonable.
“Our trade is based on market factors and pursues a common goal, which is to ensure energy security of 1.4 billion inhabitants of India. Other countries, including the United States and European countries, also trade with Russia,” the diplomat explained.
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India is looking for new oil suppliers
However, on the other hand, four key refineries in India, i.e. Indian Oil Corp., Hindustan Petroleum Corp., Bharat Petroleum Corp. And Mangalore Refinery Petrochemical Ltd., already at the end of July began to look for new oil suppliers – mainly from the Middle East and from West Africa.
India imports as much as 80 percent oil necessary for the functioning of the economy. As he notes in an interview with CNN Dr. Amitabh Singh from the Center for Russian Studies and Central Asia in New Delhi, Hindus buy oil from Russia with a large discount that other oil suppliers did not want to give.
“Modi's administration will continue commercial talks from the USA and examine the traditional oil route from the Middle East, while working on getting used to Russian oil, but it cannot do it day by day” – explained Dr. Singh.
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Russia is a key sales partner of India in the field of crude oil. Companies related to the Kremlin are responsible for about 35 percent. total Indian oil import. As the New Voice of Ukraine wrote, the sale of oil and natural gas is currently one of the pillars of the Russian state budget. According to the assumptions of this year's Russian budget, the sale of both fuels for almost 11 trillion rubles is to constitute about 34 percent. all state income.
