On Thursday, India clarified that its oil import policies are focused solely on safeguarding the interests of Indian consumers amid a volatile global energy market. This statement came in response to US President Donald Trump’s claim that Prime Minister Narendra Modi promised him India would cease purchasing Russian oil. Randhir Jaiswal, spokesperson for the Ministry of External Affairs (MEA), refrained from confirming whether Modi and Trump had a direct conversation or addressing the specifics of Trump’s assertion. He emphasized that India is engaged in ongoing discussions with the US to enhance energy imports.
Jaiswal stated, “India has consistently prioritized stable energy prices and secure supplies, diversifying sourcing to align with market conditions,” reiterating India’s position since Russia’s invasion of Ukraine in 2022. He noted that energy cooperation with the US has progressively increased over the last decade, with discussions continuing under the current administration. Trump’s comments coincided with ongoing trade deal negotiations and came nearly two months after the US imposed a 25% tariff on Indian oil imports. He also mentioned intentions to approach China regarding similar energy restrictions to diminish Moscow’s revenue. Indian officials expressed a readiness to elevate crude oil imports from the US. Data from September revealed an 11% rise in US imports to India, while exports fell by 12%.
Commerce Secretary Rajesh Agrawal indicated that India could raise US oil imports by $12–15 billion without refinery limitations, aligning with its strategy to diversify energy sources. The US tariffs, which increased the total on Indian goods to 50%, were a factor in the 12% decline in Indian exports in September.