Indian Oil Corp has bought 7 million barrels of crude from the United States, Canada and the Middle East, four trade sources said on Monday, as U.S. President Donald Trump ramped up
Indian Oil Corp has bought 7 million barrels of crude from the United States, Canada and the Middle East, four trade sources said on Monday, as U.S. President Donald Trump ramped up his criticism of the country over its purchases of Russian oil.
India is the biggest buyer of seaborne crude from Russia, which is under Western-led sanctions over its war in Ukraine.
Its main refiners paused buying Russian oil last week as discounts to other suppliers narrowed after Trump threatened hefty tariffs on imports from countries that make any such purchases, Reuters reported last week. Indian government officials denied any policy change.
On Monday, Trump said on Truth Social he would substantially raise the import levy on Indian goods, accusing the country of not only buying massive amounts of Russian oil but "they are then, for much of the Oil purchased, selling it on the Open Market for big profits".
India imported about 1.75 million barrels per day of Russian oil from January to June this year, up 1% from a year ago, according to data provided to Reuters by trade sources.
IOC, India's largest refiner, bought crude via a tender from the United States, Canada and the Middle
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