Indian Refiners Seek Alternatives To Russian Oil After Trump Tariff Threat [zero hedge]
ING Group, N.V. (ING)
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Source: zero hedge
Indian Refiners Seek Alternatives To Russian Oil After Trump Tariff Threat Indian oil refiners have started looking for alternative supplies of crude after President Trump threatened secondary sanctions on Russian energy exports if Moscow refuses to sign a ceasefire deal for the Ukraine. Bloomberg reported that companies such as Bharat Petroleum Corp. and Hindustan Petroleum Corp. were looking for oil cargoes from the Middle East, the North Sea, and the Mediterranean for May delivery in anticipation of tariff action. India has emerged as one of the biggest buyers of Russian crude since the start of the war in Ukraine, with grades including Urals accounting for almost 40% of the nation’s imports last year. Refiners have enjoyed elevated profits due to the cheaper supplies, although that advantage has waned in recent months. China has also purchased bigger volumes since the invasion. President Trump threatened a 25% tariff on all Russian oil, saying “If Russia and I are unable to make a
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