Russia oil imports "a point of irritation" in India-US ties, says Rubio
India has not officially commented on Rubio's statement. Delhi has defended its purchases of Russian oil, arguing that as a major energy importer, it must buy the cheapest available crude to protect millions of poor Indians from rising costs.India ramped up its purchase of cheaper Russian crude after the Ukraine war began, triggered by sanctions from the West. Rubio acknowledged India's reasons for buying Russian oil, noting that the country had huge energy needs and that it was buying from Moscow because of its discounted prices. But he added that this was fuelling the Russian war effort in Ukraine."I think what you're seeing the President express is the very clear frustration that with so many other oil vendors available, India continues to buy so much from Russia," he added, alluding to Trump's threat of imposing penalties on Indian companies buying Russian oil and weapons.Reuters news agency reported that India's state-owned refineries like Hindustan Petroleum Corp (HPCL), Bharat Petroleum Corp (BPCL), Mangalore Refinery Petrochemical Ltd (MRPL) and Indian Oil Corp (IOCL) had stopped importing Russian crude since the past week due to lowered discounts.The BBC has reached out to the companies for comment.HSBC Global Investment Research also said there was a "significant decline" already in India's oil purchases from Russia in July. Last month, India's Minister of Petroleum and Natural Gas Hardeep Singh Puri had said that the country would be able to meet its oil needs from alternative sources if Russian supplies were hit by US sanctions.He said India had widened its pool of oil suppliers from 27 to about 40 countries.Any diversification in India's oil imports away from Russia is expected to have a minimal impact on India's current account deficit - the gap between the value of a country's exports and imports and international transfers of capital - according to CareEdge, a ratings agency. "The price differential between Russian Ural and Brent Crude has significantly narrowed to around $3 per barrel from an average of $20 per barrel in 2023," CareEdge said in a note.
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