United States President Donald Trump on Wednesday said Prime Minister Narendra Modi had assured him that India would stop purchasing oil from Russia, describing it as "a big step" in efforts to increase global pressure on Moscow.
India's crude oil imports from Russia saw a marginal decline in September, but continued to account for over one-third of the country's total oil purchases, despite US pressure to curb the trade over concerns that it supports Moscow's war effort in Ukraine. India's crude imports in September were around 4.7 million barrels per day, up 220,000 bpd month-on-month and flat year-on-year.
In the wake of the FTA between India and the European Union, the United States has described the Europeans as 'very disappointing', saying they were unwilling to join Washington, DC in putting tariffs on New Delhi for its purchases of Russian oil because of this trade deal.
'The next two to three weeks will not be decided in Washington.' 'They will be decided in Tehran, in whatever calculation Iran makes about the costs of continued resistance against the costs of appearing to have yielded.'
A 500 per cent tariff would effectively shut out India's goods and services exports to the US.
The Indian government is dealing with the matter having in mind the national interests of this country in the first place, he said.
Alliances fight wars effectively only when they share an endgame. If Israel acted without US knowledge, then the military alliance is operating without real coordination at the level of strategic targeting. Neither picture is reassuring in a war that is no longer regional in its consequences. Prem Panicker continues his must read daily blog on the Gulf War.
'Despite the large number of missiles and drones we have already launched, we still possess reserves and missile cities whose doors have not yet been opened,' says Iran's Consul-General Saeid Reza Mosayeb Motlagh.
'The immediate impact for India will be very minimal as the share of Venezuela in our total overseas production is very low.'
India said it is broad-basing and diversifying sourcing of petroleum product to meet market conditions.
'Trump had done a deal with the current regime minus Maduro. The current regime is giving Trump entry into Venezuelan oil. They are obeying him and doing whatever he says.' 'They are happy because they have saved their heads by sacrificing only two, Maduro and his wife. Thousands of Venezuelan military leaders would have been jailed or killed in American action had Maduro stayed in power.'
White House press secretary Karoline Leavitt on Tuesday once again claimed that United States President Donald Trump has ended the military conflict between India and Pakistan.
What we are watching is something different: A fog manufactured and maintained by the people who started the war, so that the question of why it was started never has to be answered, observes Prem Panicker in his must read blog on the war in the Middle East.
The waivers mean that financial institutions in the countries do not risk being cut off from the US financial system.
'The US landed in this war without planning. The US felt that if they kill Ayatollah Khamenei the people of Iran will come out on the roads and do a regime change.' 'On the contrary, the US bombings on Iran has united the entire nation.'
From the 30-Sensex firms, Larsen & Toubro, Tech Mahindra, Tata Consultancy Services, Reliance Industries, Tata Steel, and Trent were among the biggest laggards. On the other hand, Eternal, ICICI Bank, Bajaj Finance, and Bharat Electronics were the gainers.
Following the seizure, Moscow issued a strong condemnation asserting that no country has the right to use force against vessels lawfully registered under another state's jurisdiction, particularly on the high seas.
India has said it will take all steps to protect its national interests and ensure comprehensive national security in all domains after Pakistan and Saudi Arabia signed a strategic defence pact.
I am inclined to believe that the Venezuela adventure is not an indication of American strength, alas, but rather of American weakness, points out Rajeev Srinivasan.
India's crude oil imports from Russia strengthened in the first half of October, reversing a three-month slide in arrivals seen during July-September as refineries were back on full stream to meet festive demand, according to ship tracking data.
The turning point came with the appointment of Sergio Gor as the US ambassador to India.
United States President Donald Trump has said Prime Minister Narendra Modi 'knew he was not happy' with India's purchases of Russian oil and that Washington, DC can raise tariffs on New Delhi 'very quickly'.
India responds to US President Trump's claim that PM Modi assured him of halting Russian oil imports, stating it is diversifying energy sources to meet market conditions and safeguard consumer interests.
United States Senator Lindsey Graham on Sunday claimed that Indian Ambassador to the US Vinay Mohan Kwatra spoke to him last month about India buying less Russian oil and asked him to tell President Donald Trump to relieve the 25 per cent tariff.
Gold has emerged as the most stable asset during episodes of geopolitical stress, and crude oil has been more sensitive than others when it comes to regional conflicts and sanctions, according to a report in the Reserve Bank of India's (RBI's) monthly bulletin. Silver and the United States Treasury have showed moderate reactions.
Benchmark equity indices Sensex and Nifty tumbled more than 1 per cent on Friday due to across-the-board selloff, especially in metal, IT and commodity stocks, tracking sluggish global markets.
The US has extended waivers that exempt nine countries, including India and China, from fully complying with American sanctions targeting Iran's oil exports, citing their significant reduction in oil import from Tehran.
A trade deal makes sense only if it is fair and reciprocal. If the cost is strategic dependence or loss of policy space, waiting is the wiser option, asserts Ajay Srivastava.
The government has no say in where the country's refiners source oil from because these are commercial transactions.
United States Secretary of States Hillary Clinton on Monday announced Obama administration's decision to exempt India and six other countries from US economic sanctions after they significantly reduced their imports of Iranian oil.
Donald Trump posted a photo on Truth Social listing himself as 'Acting President of Venezuela,' along with his US presidential designations. This follows recent US actions against Venezuela and claims regarding control over Venezuelan oil revenue.
India's purchase of Russian oil has risen to 2 million barrels per day in August, as refiners continue to prioritise economic considerations in their sourcing decisions. As much as 38 per cent out of an estimated 5.2 million barrels per day of crude oil imported in the first half of August came from Russia, according to global real-time data and analytics provider Kpler.
Dubai's core promise -- that it is an oasis untouched by regional storms -- has been tested in full public view. The coming months will show whether investors view the attacks as a short-lived disruption or a deeper signal of lasting risk, points out Asif Ullah Khan.
Using an expletive in his post on X, Navarro said, "Fact: India didn't buy Russian oil in large quantities before Russia invaded Ukraine. It's blood money and people are dying."
Trump's post on Truth Social comes a day after the US asked G7 countries to impose tariffs on countries purchasing oil from Russia.
The threat of wars hovers over the negotiations in Oman, but the good part is that Trump called the talks to be 'very good' and Iran's President Masoud Pezeshkian responded that they 'constitute a step forward', points out Ambassador M K Bhadrakumar.
External Affairs Minister S Jaishankar defends India's purchase of Russian oil, stating it is not the largest purchaser and that the US had previously supported such actions to stabilize energy markets. He also addresses concerns about tariffs and trade relations with the US.
A US official has stated that India's continued purchase of Russian oil is a point of contention in the relationship between the two countries, as it helps fund Russia's war efforts in Ukraine.
The US said India will lower tariffs on a "vast array" of American industrial and agricultural goods, such as "fruits, vegetables", to zero per cent under the trade deal announced by President Donald Trump.
India's annual oil import bill could rise by $9-11 billion if the country is compelled to move away from Russian crude in response to US threats of additional tariffs or penalties on Indian exports, analysts said. India, the world's third-largest oil consumer and importer, has reaped significant benefits by swiftly substituting market-priced oil with discounted Russian crude following Western sanctions on Moscow after its invasion of Ukraine in February 2022.
