India Tells US Russian Oil Cuts Depend On Sanctions Relief For Iranian and Venezuelan Crude: Report

Indian officials have reportedly told the Trump administration that reducing crude oil imports from Russia would only be possible if Washington eases restrictions on purchases from Iran and Venezuela, two major suppliers currently under US sanctions.

A delegation from New Delhi, visiting the US this week, repeated the request during meetings with American officials, Bloomberg reported citing people familiar with the talks.

They warned that blocking Indian refiners from sourcing oil from Russia, Iran, and Venezuela simultaneously could destabilize markets and push global prices higher.

The talks come after Washington imposed punitive tariffs on India in response to its ongoing trade with Moscow.

Despite the measures, India has maintained Russian imports, though volumes have dropped.

Commerce Minister Piyush Goyal, speaking in New York this week, said India wants to increase purchases of American oil and gas, stressing that “our energy security goals will have a very high element of US involvement.”

Russia has been offering discounted crude to India after other buyers reduced purchases following the war in Ukraine.

India imports nearly 90 per cent of its oil requirements, and access to cheaper Russian, Iranian, or Venezuelan barrels has lessened its import bill

In July, Indian refiners paid an average $68.90 per barrel for Russian crude, compared with $77.50 from Saudi Arabia and $74.20 from the US.

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