【Text by Observers Network, Chen Sijia】On October 15 local time, US President Trump claimed at a White House event that Indian Prime Minister Modi had promised him to stop purchasing Russian oil. According to Reuters on the 16th, three sources revealed that some Indian refineries have prepared to give up Russian oil, but they have not yet received formal instructions from the Indian government.

India is one of the main buyers of Russian seaborne crude oil. Since the outbreak of the Russia-Ukraine conflict, India has continued to purchase crude oil from Russia at discounted prices. After Trump announced that India "gave in," the sources said that Indian refineries are preparing to gradually reduce the import volume of Russian crude oil. Since the orders for November have already been placed, the procurement volume may decline starting from December.

According to the sources, the Indian government has not yet issued formal instructions to the refineries to stop buying Russian oil. However, an Indian senior official told Reuters that if conditions allow, Indian refineries would use American crude oil to replace Russian crude oil.

Essar Petroleum refinery in Gujarat, India - IC photo

The Trump administration has imposed a 50% tariff on Indian goods exported to the US, and trade negotiations between the two countries are still ongoing. US trade representatives previously informed Indian officials that reducing the import of Russian crude oil is an important condition for reaching a trade agreement.

Trade data shows that from April to September this year, India imported about 1.75 million barrels of Russian crude oil per day, and its share in India's crude oil imports fell from 40% last year to 36%. The amount of crude oil imported from the US increased to 213,000 barrels per day, accounting for 4.3% of the total import volume.

Regarding Trump's remarks, Randeep Singh Guleria, a spokesperson for the Indian Ministry of Foreign Affairs, responded on the 16th: "India is a major importer of oil and natural gas. In the context of volatile energy markets, safeguarding the interests of Indian consumers has always been our top priority, and our import policies are completely guided by this objective."

Guleria stated in a statement: "Ensuring stable energy prices and supply security has always been our dual goal, which includes widely sourcing energy and moderately diversifying according to market conditions. Regarding the United States, we have long sought to expand energy procurement, and we have steadily advanced in the past decade. The current US administration has shown interest in deepening energy cooperation with India, and relevant discussions are still ongoing."

Bloomberg noted that data from the analysis company Vortexa shows that as of the 16th local time, nearly 60 million barrels of Russian crude oil are being transported to India, with about half going to the Sikka port used by Reliance Industries. Some crude oil traders revealed that recently, Indian refineries have not seen large-scale purchases of non-Russian crude oil.

Regarding the oil trade between Russia and India, Russian Deputy Prime Minister Novak said on the 16th: "Our energy resources are in high demand, and they are economically advantageous and practical. I believe our partners will continue to cooperate with us."

Russian President's Press Secretary Peskov responded, saying that Russia mainly refers to official statements from India when it comes to energy procurement, "these statements are public, and we judge the situation based on these statements."

Peskov pointed out: "US President Trump has repeatedly stated that he intends to persuade countries not to buy Russian oil. But in this issue, the stance of these countries must also be considered. It is a matter of people's interests. Countries all want to buy quality products at lower prices, and Russia can provide such an option."

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