Price surge, market instability: What if India stop buying Russian oil? - Sources hints at major upheaval to hit international oil market if India abandons Russian oil. Global crude prices could jump to 200 US Dollars a barrel in India ceases to buy Russian oil, Sources told ANI. This will severely harm the consumers worldwide amid tariff tussle between India and the US. Notably, Russian oil never been sanctioned and is still not sanctioned by either the US or the EU. Currently, Russia produces about 9.5 million barrels of crude oil per day, exporting roughly 4.5 million of that. India, as the world's third-largest energy consumer with 85% import dependence, Sources told ANI. US President Trump claimed that India may cease purchasing Russian oil, calling it "a good step" if confirmed. However, Indian sources rebutted these reports, clarifying that Indian refiners continued to buy Russian crude oil. India oil refiners' purchases have remained fully legitimate under international frameworks, the sources added. Had Indian oil refiners not absorbed discounted Russian crude, global prices would’ve surged beyond March 2022 peak of 137 USD per barrel. Sources also highlighted that OMCs refrained from buying Iranian or Venezuelan crude, sanctioned by USA. Additionally, India also complied with the $60 per barrel price cap recommended for Russian oil by the US, said sources. Sources also told ANI that EU was largest importer of Russian-origin LNG, followed by China & Japan. Sources reiterated, India's energy choices guided by its national interest, while also contributing to global energy stability. India's pragmatic approach kept oil flowing, prices stable, markets balanced, while fully respecting international frameworks, sources added. #India #RussianOil #Trump #Putin #Modi #Jaishankar Join ANI's YouTube membership to get access to perks: https://www.youtube.com/channel/UCtFQDgA8J8_iiwc5-KoAQlg/join Subscribe now and press the bell icon 🔔 to get new video updates: https://bit.ly/2UV4ygi -------------------------------------- ANI is South Asia's leading Multimedia News Agency providing content for every information platform, including TV, Internet, broadband, newspapers, and mobiles. Subscribe now! Enjoy and stay connected with us!! ☛ Subscribe to ANI News YouTube channel: https://bit.ly/2UV4ygi ☛ Visit our Official website: https://www.aninews.in/ ☛ Follow ANI: https://twitter.com/ANI ☛ Like us: https://ift.tt/QZ7S9vx ☛ Email to: anicontent@aniin.com, internetani@aniin.com ☛ Copyrights © All Rights Reserved ANI Media Pvt Ltd.
