India has drawn a firm line with Donald Trump’s administration over Russian oil. According to Bloomberg, Indian officials visiting Washington this week made it clear: if New Delhi is forced to curb cheap Russian imports, it must be allowed to source barrels from Iran and Venezuela.
India rejects a “triple ban”
The Indian delegation stressed that blocking all three major suppliers – Russia, Iran, and Venezuela – would severely disrupt its energy chain and potentially trigger another global oil price shock.
This comes just days after the Trump White House slapped India with steep tariffs in retaliation for continuing Russian oil purchases. Yet sanctions haven’t stopped the trade – they’ve simply made it more expensive.
India, which imports nearly 90% of its oil needs, argues it cannot risk an energy crisis. Iranian and Venezuelan barrels, like Russian crude, are offered at heavy discounts. In July, Indian refiners paid an average of $68.90 per barrel for Russian oil – nearly $9 cheaper than Saudi crude and $5 less than U.S. deliveries.
Trump pressures Turkey too
The pressure campaign is not limited to India. At a White House press event, Donald Trump urged Turkish President Erdogan to halt Russian oil imports as well, reportedly dangling access to F-35 fighter jets as an incentive.
Trump insists that cutting Kremlin revenues will weaken Moscow and aid Ukraine. But analysts warn that pressing allies without providing alternatives risks destabilizing markets and driving oil prices even higher.
OPEC+ misses targets, markets remain tight
All of this comes as OPEC+ struggles to meet its own production goals. Since April, the group has fallen short by about 500,000 barrels per day, nearly 0.5% of global demand. Even with countries like the UAE cleared to boost output, supply continues to lag.
For India, the takeaway is clear: the oil market remains volatile, and every new U.S. policy move could reshape the global energy landscape overnight.
Bottom line
India is now putting Trump in a corner: if Russian crude is cut, Washington must unlock barrels from Tehran and Caracas. Otherwise, global markets should brace for the next oil price shock.
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