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While talking to reporters late on Sunday night, Trump gave a statement on India reducing oil imports from Russia. (symbolic picture)
US President Donald Trump has given a statement regarding India reducing oil imports from Russia. Trump has said that India took this decision to please him.
Trump said,
They wanted to make me happy. Prime Minister Modi is a very good person. He knew that I was not happy, so it was important to make me happy. We trade and can raise tariffs on them.
After the Ukraine war, India became Russia’s largest oil buyer. American officials had alleged that India was funding the attacks on Ukraine by buying oil from Russia. Regarding this, the Trump administration had also imposed 25% tariff on India.
Trump had expressed his displeasure several times over India’s oil imports from Russia. (file photo)
India reduces oil imports from Russia after 4 years
India has reduced crude oil imports from Russia for the first time since 2021. According to Reuters report, India’s Russian oil imports were about 17.7 lakh barrels per day in November, which has come down to about 12 lakh barrels per day in December. In the coming time it may go below 10 lakh barrels per day.
The data coming in January may show a big decline in India’s Russian oil imports. US sanctions have come into effect on Russia’s two big oil companies Rosneft and Lukoil from November 21. After this, India’s oil import from Russia has started decreasing.
Russia reduced discount
After the Ukraine war, Russia started selling cheap crude oil at $20-25 per barrel. At that time, the price of crude oil in the international market was $130 per barrel, hence this discount was economical for India.
However, now the price of crude oil in the international market has reached $63 per barrel. Russia has also reduced its discount to 1.5 to 2 dollars per barrel. With such a low concession, India is not getting the same benefits as before, and on top of that, the shipping and insurance costs involved in bringing oil from Russia are also high.
For this reason, India is now again buying oil from stable and reliable suppliers like Saudi, UAE and America, because now there is no longer a huge price difference as before.
America has imposed 50% tariff on India
America has so far imposed 50% tariff on India. Out of this, 25% is ‘reciprocal (tit for tat) tariff’ and 25% tariff has been imposed due to purchase of Russian oil.
Due to this, India is facing difficulties in selling its goods in America, which is affecting India’s exports. Talks are also going on on a trade deal to settle the tariff dispute between the two countries.
India wants the total 50% tariff imposed on it to be reduced to 15% and the extra 25% penalty imposed on buying crude oil from Russia should be completely eliminated. It is expected that a concrete decision will be taken in the new year from the ongoing talks between the two countries.
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India’s final offer to America in trade talks: Reduce tariff from 50% to 15%, penalty imposed on Russian oil should also be abolished.
India has presented its final proposal to America in trade talks. India wants the total 50% tariff imposed on it to be reduced to 15% and the extra 25% penalty imposed on buying crude oil from Russia should be completely eliminated. It is expected that a concrete decision will be taken in the new year from the ongoing talks between the two countries. Read the full news here…
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