India shops the globe for oil ahead of Trump-Putin summit: report
Indian refiners, the top importers of Russian crude oil, are searching for alternative suppliers ahead of Friday’s summit between President Trump and his Russian counterpart Vladimir Putin.
India, the world’s third-largest oil consumer, is looking to switch up its procurement process after Trump imposed a total 50% tariff rate on New Delhi, accusing the country of effectively fueling Russia’s war machine.
Oil importers are now hedging their bets that even harsher punishments are in store for anyone who purchases petroleum from Moscow once Trump meets with Putin, with India’s state processor buying large bulks of non-Russian crude this week to prepare for the worst, Bloomberg reported.
Both Indian Oil Corp. and Bharat Petroleum Corp. have purchased cargo from all over the world, including the US, Brazil and the Middle East.
Saudi Arabia remains one of the top exporters of oil to India, with Riyadh sending about 22.5 million barrels of crude that are expected to arrive in September, according to Bloomberg.
The full 50% tariff rate imposed by Trump is due to take effect Aug. 27, supplanting the 25% rate currently in effect.
The race to stock up comes as Indian Oil, the country’s top refiner, missed its quarterly profit estimates on Thursday, reporting revenue about $200 million below expectations.
On average, India imported about $130 billion in Russian oil per year since Moscow invaded Ukraine in February 2022, according to an analysis from the New York Times.
“Like any major economy, India will take all necessary measures to safeguard its national interests and economic security,” India’s foreign ministry said in a statement responding to Trump’s Aug. 6 tariff announcement.
Officials in India have accused the US of importing uranium and fertilizers from Russia despite ongoing sanctions.
The recent rupture with Trump has also led India to look to mend its relations with China and discuss resuming cross-border trade of domestic goods after more than five years, according to Bloomberg.
With Post wires
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