Fearing Trump's FINE; Modi STOPS BUYING CRUDE OIL FROM Russia
The US President had announced that India would be fined if it bought crude oil from Russia.
Indian oil -refining government companies temporarily stopped purchase of Russian crude oil.
According to the World News Agency Reuters, major government companies like Indian Oil Corporation, India Petroleum, India Petroleum, and Mangalore Refinery Petrochemical Limited have not applied for a new batch of Russian oil.
According to information received by Reuters from sources, these companies have turned to the spot market to buy alternate supply from Middle East countries, especially Abu Dhabi, especially Abu Dhabi, instead of Russian crude oil.
Indian companies allegedly decided to stop the purchase of Russian crude oil after US President Trump threatened to pay a fine of oil from Russia, while one of the reasons was Russia’s discounted prices.
When Reuters contacted these oil refinery companies and the Modi government’s Ministry of Petroleum to take a stand on the matter, no response was received immediately.
It should be remembered that on July 14, US President Trump announced a tariff on Indian goods, saying that buying oil from Russia would also be fined.
Although India is still the largest buyer of Russian oil, such as Reliance Industries and Niara Energy are still the largest buyer, more than 60 % of India’s gross refining capacity still holds with government companies that clean 5.5 million barrels of oil daily.
It should be noted that India is also the third largest country to buy oil from Russia and the largest Russian oil buyer in the world.
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