Bloomberg: India Asks The US To Allow The Purchase Of Iranian Oil Instead Of Russian Oil
1- 25.09.2025, 14:38
- 4,014
Details of the negotiations became known.
Almost 90% of India's oil needs are covered by imports. Cheap Russian oil is wanted to be replaced by equally cheap Iranian oil.
It was reported by Bloomberg.
Indian officials have reiterated to the Donald Trump administration that a significant reduction in Russian oil imports is allegedly possible only if it is allowed to buy from Iran and Venezuela.
The delegation, which visited the United States this week, confirmed the request in meetings with U.S. representatives, sources familiar with the talks said.
The Indian side emphasized that a simultaneous cut in oil supplies from Russia, Iran and Venezuela could cause a rise in global prices, they said.
Washington's pressure
The Indian representatives' trip to the US came after Washington imposed stiff tariffs against the country for its oil trade with Russia. Despite the sanctions, India continues to buy Russian oil, albeit in smaller quantities.
Indian Commerce Minister Piyush Goyal said in New York that the country intends to increase its purchases of U.S. oil and gas. "Our energy security goals will be largely linked to the US," he emphasized.
Russian oil and India's imports
Russia has been forced to sell oil at a discount after many countries refused to trade with Moscow because of the war against Ukraine.
Almost 90% of India's oil needs are met by imports, and cheaper Russian supplies have helped reduce excess profits. Oil from Iran and Venezuela could offer similar discounts.
India stopped buying Iranian crude in 2019, while Reliance Industries Ltd. the largest private company, halted imports from Venezuela this year because of tougher U.S. sanctions. Additional purchases from the Middle East are possible, but they will prove more expensive.
Prices and Market Outlook
According to India's Ministry of Commerce, the average price of Russian crude averaged $68.90 a barrel in July. By comparison, oil from Saudi Arabia cost $77.50 and oil from the United States cost $74.20.
India remains the largest buyer of Russian oil delivered by tanker, while China leads in total purchases, including pipeline deliveries.
The oil market could face a supply glut in 2026 due to increased production by OPEC+ countries and independent producers. This could put pressure on global prices.
U.S. President Donald Trump, in his speech at the UN General Assembly, named India and China as the biggest sponsors of Russia's war against Ukraine, as the two countries buy the bulk of Russian oil.
In August, Donald Trump imposed a 50% tariff on New Delhi over Russian oil supplies to India. He accused businesses of "profiteering" and spoke of a "Modi war."
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