Under the threat from Trump, the Indian government has asked domestic oil refining companies to develop a plan to replace Russian oil
Reuters and Bloomberg reported on July 31 that, under the threat from Trump, the Indian government has asked domestic oil refining companies to develop a plan to replace Russian oil and instructed the companies to carry out emergency planning for stopping the import of Russian oil. Previously, Trump said that "India's continued purchase of Russian energy provides funding for Russia's war, and therefore it may face 'punishment'."
This statement by Trump has increased market concerns about India stopping the import of Russian oil. The stock price of Indian Oil Corporation fell by as much as 3.2%, Bharat Petroleum Corporation dropped by 4.1%, Hindustan Petroleum Corporation fell by 3.7%, and Reliance Industries' stock also dropped by 2%. Currently, major Indian refining companies, including the above-mentioned ones, have stopped purchasing Russian crude oil and are considering importing more crude oil from Africa and the Middle East as a replacement, but they are still waiting for further instructions from the government.
However, industry insiders pointed out that due to the tightening global crude oil supply and significant differences in crude oil quality, India may find it difficult to find alternative resources of comparable scale in the short term. The Indian government has not yet publicly stated its final position and is still in the assessment phase.
Original article: https://www.toutiao.com/article/1839323124856073/
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