Trump announced India's intention to abandon Russian oil. What the media is writing
US President Donald Trump said that India will stop buying Russian oil. He referred to the words of the country's Prime Minister Narendra Modi. Against the background of this statement, oil prices rose sharply, and the world's largest oil producer warned of an imminent increase in its deficit. What the world media write about Russian oil is in the Izvestia digest.
CNN: Trump announced that India will stop importing oil from Russia
US President Donald Trump told reporters at the White House that Indian Prime Minister Narendra Modi had assured him that he would stop importing Russian oil. Trump said he was "not happy that India was buying oil." He called Modi's decision a "big step" and now expects similar actions from China.
CNN
India "is a major importer of oil and gas," the country's foreign ministry said on Thursday, without naming Russia or referring to Modi's alleged assurance that he would stop importing Russian oil. "Ensuring stable energy prices and reliable supplies are the two main goals of our energy policy. This includes the expansion of energy sources and diversification in line with market conditions," the statement said.
Trump has been calling on India for months to stop buying Russian oil, citing the fact that continued purchases of cheap Russian oil are contributing to the escalation of his trade war. In August, Trump announced the imposition of a 25% duty on India as a penalty for importing Russian oil and gas, supplementing the previously announced rate of 25%. The US president suggested that India's suspension of Russian oil imports would accelerate the end of the conflict in Ukraine.
Reuters: oil rose by 1% after Trump's words
Oil prices rose by about 1% after Trump said Modi had promised to stop buying oil from Russia, as this could lead to a reduction in supplies elsewhere. Brent crude futures rose 56 cents, or 0.9%, to $62.47 per barrel by 08:55 Moscow time. U.S. WTI crude futures rose 58 cents, or 1%, to $58.85. At the same time, prices had been falling the day before.
Reuters
Both contracts hit their lowest levels since early May in the previous session [Wednesday] due to trade tensions between the U.S. and China and after the International Energy Agency warned of large surpluses next year as OPEC+ producers and competitors ramp up production amid weak demand.
Some Indian refineries are preparing to reduce imports of Russian oil, expecting a gradual decline, three sources familiar with the situation said. U.S. Treasury Secretary Scott Bessant also said on October 15 that the Trump administration expects Japan to stop importing Russian energy.
Bloomberg: Indian refineries may accept less oil from Russia
Russian oil exports to India may decrease as refineries await official instructions from New Delhi following Trump's statements. Six heads of state-owned Indian oil refineries said they were caught off guard. Three of them said that Russian oil imports to India will decrease in the short term.
Bloomberg
India's purchases of Russian oil have come under intense scrutiny in recent months after Washington used the trade as an excuse to impose high tariffs on the South Asian country. In response, New Delhi has wavered between a brash tone and limiting supplies to please the United States, as Modi faces internal pressure to not give in to Trump.
According to the Vortexa platform, as of October 16, almost 60 million barrels of Russian oil were on their way to India. About half of this oil is sent to the port of Sikka, used by Reliance. According to ship tracking data and a report from a port agent, the Jacklyn tanker, which is under sanctions from the European Union and the United Kingdom, was spotted in the port transporting oil from the Russian Far East. According to traders, Indian refineries have not resorted to panic buying of non-Russian oil in recent weeks.
Financial Times: Saudi Aramco ceo warns of global oil shortage
Amin Nasser, chief executive of Saudi Aramco, the largest oil company by production, warned of an impending global shortage of oil after a decade in which the energy industry abandoned the search for new deposits. He called for a return to spending on exploration and production as global oil demand continues to grow. According to him, the current investments are "extremely small."
Financial Times
He also warned that the shale boom in the United States, which has provided the world with oil for a decade and a half, is unlikely to happen again. "Shale oil accounted for 80 to 90% of the growth," he said. — If you look at the situation in the next 15 years, then shale oil is likely to reach a plateau and begin to decline in volume. Where are you going to get additional barrels from to meet the demand?"
Major oil companies are cutting back on exploration and production costs after the collapse in prices in 2014. They were also influenced by forecasts about the imminent abandonment of fossil fuels and investor demands to return more money in the form of dividends and share buybacks. According to the International Energy Agency, investments in oil and gas exploration and production will decrease by 6% this year to $420 billion. This is the first annual decline since the recession caused by the coronavirus pandemic in 2020.
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