The delegation, who had traveled to Washington for discussions with U.S. authorities, repeated the same request, a source present at the negotiations said. Indian authorities warned that refusing the country access to three of its most important suppliers of oil—Russia, Iran, and Venezuela—would put significant pressure on global prices.
The journey was undertaken as the United States imposed hefty tariffs on Russian oil imports. India continues to purchase oil from Russia but decreased amounts despite these restrictions. India's Minister of Commerce and Industry, Piyush Goyal, also emphasized in New York that New Delhi is set to increase its acquisitions of oil and gas from America.
India gets nearly 90 percent of its oil imports, and cheaper oil from Russia has been helping the country reduce import costs. Import of Iranian oil had stopped since 2019, and India's biggest private refinery Reliance Industries also stopped buying oil from Venezuela this year with tightened U.S. sanctions. Whereas Indian refineries have the potential to import more oil from the Middle East, the alternative is much more expensive and puts more pressure on the overall import cost.
According to India's Ministry of Commerce statistics, the average July price paid by refineries for Russian oil stood at about $68.90 per barrel, compared to Saudi oil at $77.50 per barrel and U.S. oil at $74.20 per barrel. India has emerged as the seaborne importer of Russian crude, while China remains the largest overall Russian oil importer, including pipeline shipments.
By WPB
Oil, Petroleum
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