Crude oil imports rise 67% from US, 11% from Russia; Trump tariff threats on Russia have little impact on India’s purchases
"Trump's threats to impose secondary tariffs on Russian oil buyers seem more like posturing in his ongoing negotiations with Russia," said Mukesh Kumar Surana, CEO of Ratnagiri Refinery and Petrochemicals Ltd according to an ET report. "While there is unlikely to be any issue related to the availability of crude oil globally, refiners will need to be prepared with scenario analyses to ensure the economic sourcing of crude oil and uninterrupted operation of their complexes."
Industry leaders who spoke to the financial daily expressed doubt about Trump taking substantial measures that would significantly reduce Russian oil's presence in global markets, as such actions would increase fuel costs and conflict with his commitment to maintain affordable energy prices for American consumers.
India's US crude imports reached 244,000 barrels per day (bpd) in March, increasing from 146,000 bpd in February, as reported by Vortexa, an energy cargo tracking firm. Russian crude imports increased by 11% to 1.66 million barrels per day (mbd) in March compared to the previous month.
This increase occurred despite broader predictions and initial vessel loading patterns, as Russia and traders discovered methods to bypass US sanctions for delivering shipments to Indian ports. The US implemented sanctions on two Russian producers and approximately 180 vessels involved in Russian oil transportation on January 10.
"More suppliers, especially those with tankers loaded with Russian oil, would have been in a hurry to offload their inventories due to rising uncertainties, giving Indian importers economic choices, which led to increased imports from Russia in March," said Surana.
Supplies from Iraq and Saudi Arabia, India's second and third-largest crude providers, declined significantly by 16-17% in March compared to February. Saudi Arabia increased its official selling price for March, anticipating higher demand from Indian purchasers following the sanctions.
Although Indian refiners initially considered obtaining additional supplies from Middle Eastern providers to compensate for a potential Russian reduction, they ultimately acquired more from the US and Nigeria whilst reducing imports of less cost-effective Saudi and Iraqi crude. Nigerian imports increased substantially to 207,000 bpd in March from 74,000 in February.
"Recently, sweet crude grades were economically attractive given their shrinking differential with sour grades, which predominantly come from the Middle East," said Surana.
Top 10 richest persons in the world 2025: Who is the richest person in the world? Does any Indian feature in the list of the top 10 richest persons in the world for 2025? Hurun has released its latest Global Rich List for 2025 and Tesla and Space X owner Elon Musk has topped it yet again as the world’s richest person! Interestingly, Google co-founder Sergey Brin has reclaimed his position in the top 10 richest in the world list, displacing Reliance Group’s Mukesh Ambani! The combined wealth of the top 10 richest people in the world has now reached $2.1 trillion! We take a look at the top richest people in the world in 2025 as per the Hurun list:
Top 10 richest persons in the world: Elon Musk, at age 53, has regained his position as the world's wealthiest individual for the fourth time in five years! Elon Musk’s net worth has crossed the $400 billion wealth threshold. His net worth experienced a remarkable increase of $189 billion or 82%, largely due to the 'Trump effect' on Tesla's share value, said the report.
However, after January 15 2025, Musk's fortune has decreased by approximately $100 billion, influenced by his Doge investments, political activities, and rising competition from Chinese manufacturers affecting Tesla's market performance. Nevertheless, he maintains a substantial lead as the world’s richest person in 2025. (AP Photo)
Jeff Bezos, aged 61, ranks second on the list of the world’s top 10 richest persons. He has maintained his position at number two with $266 billion net worth with a 44% increase. His wealth expansion was largely attributed to Amazon's rising share value, as investors responded positively to the company's reduced operational expenses and its developments in artificial intelligence and cloud computing services. (AFP Photo)
Meta's CEO Mark Zuckerberg, aged 40, is third on the world’s richest persons list with a net worth of $242 billion, which is an increase of $84 billion. His remarkable rise in wealth stems from investors' positive outlook towards Meta's artificial intelligence capabilities and technological infrastructure. Throughout the previous year, Zuckerberg garnered significant attention for his intensive physical training programmes. (AFP Photo)
Larry Ellison, aged 80, is the world’s fourth richest person. He has advanced one position with a net worth of $203 billion, seeing an increase of $59billion, following Oracle's expansion of artificial intelligence-enhanced cloud services and its collaborative business ventures. (Image: Facebook)
Warren Buffett, aged 94, maintained his position in the Top 5 wealthiest persons with a fortune of $167 billion, an increase of $23 billion. Despite his substantial wealth, he continues to lead a simple lifestyle, the report says. He has pledged to give away more than 99% of his fortune and has already donated over $60 billion, mainly through the Gates Foundation and his children's charitable foundations.
Top 10 richest persons in the world: Larry Page, aged 51, advanced three positions in the top 10 wealthiest individuals rankings to the 6th position, with his net worth increasing by 33% to reach $164 billion. This substantial growth was largely attributed to Alphabet's share value climbing by 33%. (AP Photo)
Bernard Arnault, aged 75, often referred to as the 'Luxury King', is the world’s 7th richest person. He experienced a substantial financial setback of $18 billion, which resulted in his descent to the seventh position with a net worth of $157 billion. The decline occurred as LVMH shares faced persistent pressure due to China's economic sluggishness, political instability in France, and growing resistance towards luxury consumption. (AFP Photo)
Steve Ballmer ranks 8th on the list of the world’s top 10 richest persons. Aged 68, Ballmer climbed to the eighth position with his net worth increasing by 10 per cent to $156 billion. His substantial wealth continues to be predominantly tied to his Microsoft shareholdings.
Sergey Brin, aged 51, advanced two positions to secure a place in the Top 10 richest persons list, as his net worth increased by 30% to $148 billion. This substantial growth primarily resulted from the considerable appreciation in Alphabet's share value. He has demonstrated notable charitable commitment, contributing $200 million towards climate-focused initiatives in the previous year. (AFP Photo)
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