Indian oil companies negotiating next consignment of Russian oil

According to Mint, Indian Oil Corp, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd continue buying oil from Russian purchases and talks are underway to make spot deals

India has not been impressed at all by the American histrionics and has completely ignored all the tantrums displayed by Trump to rest of the World.

Trump though the President of USA has falsely claimed that India would stop buying Russian oil to make the trade deal with the United States. President Donald Trump told reporters in the White House.

“Well, I understand India no longer is going to be buying oil from Russia. That’s what I heard. I don’t know if that’s right or not, but that’s a good step. We’ll see what happens,” Trump said.

The Indian Embassy in the United States has not yet responded or commented on such statements. India is the third largest oil consumer globally. Indian refineries are buying feedstock in more than 40 countries, including Russia.

India continues sourcing oil from Russia and India’s state-owed refining companies are already negotiating energy resources purchases for the month of September onwards.

Companies such as Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) continue buying oil from Russian purchases and talks are underway to make spot deals.

“There is no decision as to go slow or stop Russian oil,” said one of the sources. “They [Russian oil supplies ] may have declined amid cheaper global oil prices and narrowing discounts in the past, but there is no decision on halting imports from Russia,” he noted.

“The deals which are being negotiated now are for deliveries to be made in September. Till then, refiners are already tied up,” another source said.