India looks for alternatives as Donald Trump threatens tariffs on Russian oil buyers: Report

Bharat Petroleum Corp. and Hindustan Petroleum Corp. are looking for extra supplies from the Middle East, North Sea and Mediterranean.

Published on: Apr 1, 2025, 10:58:21 IST

By HT News Desk

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Indian oil refiners are reportedly looking into other options apart from Russia to seek crude supply after US President Donald Trump’s threat of imposing more penalties against Russian oil buyers.

Oil storage tanks are seen at the Bharat Petroleum Corporation Ltd refinery in Mumbai April 24, 2008. (Punit Paranjpe/Reuters)

As a result, the state-owned Bharat Petroleum Corp. and Hindustan Petroleum Corp. are looking for extra supplies from the Middle East, North Sea and Mediterranean, according to a Bloomberg report.

HT.com cannot independently verify the authenticity of the information contained in the report.

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This is for the month of May with the trading cycle for barrels delivered next month usually concluded in early March.

This development comes as Trump on Sunday raised the prospect of imposing secondary tariffs on buyers of Russian oil if President Vladimir Putin refused a ceasefire with Ukraine.

This led to benchmark futures surging, with West Texas Intermediate going up 3.1 per cent on Monday, its biggest gain in almost 11 weeks, according to the report.

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Due to this, the Indian refiners are looking for non-Russian supplies from the spot market to reduce their reliance on the OPEC member.

This is also because India has been highly reliant on cheaper Russian oil since the war in Ukraine after Moscow started slashing offer prices to entice buyers due to the rollout of western sanctions.

Last month, both state and private refiners from India were confident in their ability to get all the Russian crude they wanted, after a brief hiatus caused by harsher sanctions from the US.

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Russia-to-India flows made up almost 40 per cent of imports by India in 2024, according to the report. Urals from western ports formed the bulk of purchases.

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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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