America has decided to stop the discounts being given on oil purchases from Russia and Iran. US Treasury Secretary Scott Besant said on Wednesday that we will not renew the exemption given on Russian oil. Earlier on Tuesday, the Treasury Department had also banned the discount on Iranian oil. Speaking to reporters during the White House press briefing, Besant said that we will not renew the general licenses given to countries on Russian and Iranian oil. He said that this exemption was for those oil consignments which were at sea before March 11 and have been used. In such a situation, no country will get this relief in future. America had given a special exemption of 30 days to India on March 5, after which India was buying oil from Russia despite the sanctions imposed due to the Ukraine war. This relaxation was later extended to some other countries as well and ended on April 11. America had given a relaxation of 30 days. In March, due to the ongoing war between America and Israel with Iran, the prices of crude oil across the world had increased to beyond 100 dollars. To control this, the Trump administration had also given temporary permission to other countries to buy oil from Russia. Many Russian oil tankers are stranded in the sea. This relaxation was given only till April 11. US Treasury Secretary Scott Besant had then said that its objective is to increase the supply of oil around the world, so that rising prices can be controlled. Oil imports from Russia reached 19 lakh barrels per day. India, which imports about 90% of its crude oil needs, has made a huge increase in the purchase of Russian crude in the last two months. Due to the ongoing war between America, Israel and Iran, the shortage of oil in the global market has increased, due to which Indian refiners are now trying to procure as much oil as possible from Russia. According to data from intelligence firm Kpler, the average crude oil import from Russia in the month of March was 1.98 million i.e. 19 lakh barrels per day (bpd). This is the highest level since June 2023. However, in April this figure has fallen to 1.57 million i.e. 15.7 lakh barrels per day, but experts say that this decline is not due to lack of demand but due to the shutdown for maintenance at Nayara Energy’s refinery. It is expected to rise again from next month. India will maintain its dependence on Russian oil. Vandana Hari, founder of Singapore-based consultancy ‘Vanda Insights’, says that India is trying to buy all the Russian oil it can get. He said that as long as there is a problem in the supply from the Persian Gulf, India will maintain its dependence on Russian oil. In fact, the military action by America and Israel against Iran and the closure of the Hormuz Route has affected the supply chain across the world. ————————————– Also read this news… Talks on India-America trade deal will start again: Indian delegation will leave for Washington next week; There will be discussion on the new tariff structure. Talks on the stalled interim trade deal between India and America will resume. A high-level delegation of the central government will go to Washington next week. This visit is taking place at a time when trade equations in America have changed due to tariff rules and court decisions. Read the full news…
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India will not get American discount on Russian oil: US Treasury Secretary said – General license will not be renewed; Relief was received till 11th April
