Are Indian refiners planning to lower the volume of Russian crude imports?
&imwidth=600&imheight=450&format=webp&quality=medium "Are Indian refiners planning to lower the volume of Russian crude imports?")
The US administration wants to reduce the trade deficit with India. Photograph: (AFP representational file)
Donald Trump's tariff on Indian exports will be imposed from tomorrow. A Fitch report said that the tariff might dampen business sentiment in India. New Delhi remains the second-largest purchaser of Russian fossil fuels.
Indian refiners are reportedly planning to curtail their purchases of Russian crude due to US pressurein the coming weeks, a report claimed. India, which is the second-largest buyer of discounted Russian crude oil, will bear from tomorrow Donald Trump's tariff on Indian exports to the United States.
Trump has imposed 50 tariffs on Indian exports to theUnited States becauseof Moscow's continual oil and weapons trade with New Delhi. The tariff will take effect on Wednesday, August 27. A day before the imposition of the additional duties, India's stock market tanked, with both the BSE and NSE indices closing at their lowest level of the week.
Bloomberg reported that, as a modest concession to the US administration, a day ahead of the hike in US tariffs, state-run and private processors are expected to buy 1.4 million-to-1.6 million barrels a day for October. This figure is less than the average per day purchase of 1.8 million barrels during the first half of the year.
The US administration wants to reduce the trade deficit with India. It also wants to attack Russia's financial might in view of the Ukraine war.
Several Western politicians had claimed that New Delhi has been funding the Russian war in Ukraine by purchasing Moscow's oil exports. Western countries have mostly cut off Russiancrude exports to show solidarity with Ukraine, which has been facing the Russian onslaught since February 2022.
The agency reportedthat the volume of imports will change if India reaches a trade deal with Trump.
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Despite Donald Trump's pressure, India hasn't stopped importing Russian oil. In July, India was the second-largest importer of Russian crude oil, only behind China.
According to a CREA report, China accounted for 42 per cent of Russia's monthly export earnings from the top five countries in July thisyear. India remained the second-largest purchaser of Russian fossil fuels, buying 37 per cent of Moscow's oil exports.