India Asks US to Allow Iran Oil to Help Curb Russia Trade

Core Insights - Indian officials are negotiating with the Trump administration for permission to purchase crude oil from Iran and Venezuela if they significantly reduce imports from Russia [2][3] - The discussions highlight concerns that cutting off supplies from Russia, Iran, and Venezuela could lead to a spike in global oil prices [3] - India has maintained its crude imports from Russia despite U.S. tariffs, indicating a complex relationship with energy security and international sanctions [5][6] Group 1: Indian Oil Imports - India has been a significant buyer of Russian oil, with almost 90% of its oil needs met by imports, benefiting from discounted prices due to the geopolitical situation [7] - In July, Indian refiners paid an average of $68.90 per barrel for Russian crude, compared to $77.50 from Saudi Arabia and $74.20 from the U.S., showcasing the cost advantages of Russian oil [9] - The largest private refiner in India, Reliance Industries Ltd., has ceased purchasing Venezuelan crude due to tightened U.S. sanctions [8] Group 2: Diplomatic Negotiations - A delegation from India visited the U.S. to discuss oil imports and the impact of U.S. tariffs on their trade with Russia [5] - Indian Commerce Minister Piyush Goyal expressed a desire to increase purchases of American oil and gas, indicating a shift towards U.S. energy involvement [6] - The U.S. embassy in New Delhi has stated that India's imports of Russian crude undermine efforts to counter Russia's activities, reflecting the tension in U.S.-India relations regarding energy trade [4]