Indian Oil Company (IOC), India’s largest oil firm, positioned orders for about 2 million barrels of US crude in August for October supply, in response to a overseas media report from Singapore, quoted by IANS.
This marks a part of a sequence of US oil offers amounting to round 2 million barrels for October supply, following threats from US President Donald Trump to impose extra tariffs on Indian exports.
Russian oil flows stay sturdy
Regardless of the rise in US purchases, India continued to import about 2 million barrels per day of Russian crude in August, based mostly on orders positioned in June and July. The upper Russian inflows got here on the expense of imports from Iraq and Saudi Arabia, vitality tracker Kpler famous.
Additionally Learn:Steep tariffs on India took them out of shopping for Russian oil, pushed Putin to negotiating desk: US President Donald Trump
India has maintained that its Russian oil purchases stay throughout the G7 value cap and usually are not topic to sanctions. Officers argue that such imports align with US coverage, which seeks to maintain oil costs in verify globally whereas limiting Moscow’s income.
Rising US vitality imports
Official commerce knowledge reveals India’s oil and fuel imports from the US jumped 51 per cent between January and June this 12 months. Liquefied pure fuel (LNG) imports from the US almost doubled to $2.46 billion in FY 2024-25 from $1.41 billion the earlier 12 months.
In February, Prime Minister Narendra Modi pledged to lift India’s US vitality imports to $25 billion in 2025 from $15 billion in 2024 to assist slender America’s commerce deficit. Following this dedication, state-owned oil and fuel corporations have entered discussions for extra long-term US vitality provide agreements.
Additionally Learn:US tariffs may have 50% to 63.9% affect on many Indian merchandise exports: GTRI
Strategic ties past commerce
New Delhi has underscored that it’s diversifying its vitality sources to scale back dependence on Russian provides. The federal government has additionally reiterated that India-US relations prolong properly past commerce, encompassing vital geopolitical and strategic dimensions.
Officers informed the Parliamentary Standing Committee on Exterior Affairs that there isn’t any change in plans for the sixth spherical of India-US commerce talks, which might pave the way in which for a future commerce settlement.
