India Dismisses Supply Threats From Trump’s Sanctions On Russian Oil: “We’ll Deal With It,’ Says Petroleum Minister

India is not concerned with the proposed secondary sanctions on Russian oil and will meet its oil demands through alternative sources, Petroleum Minister Hardeep Singh Puri said on Thursday, according to a Reuters report.

He reportedly said that many new suppliers are entering the market, such as those from Guyana, and India could also rely on supplies from existing producers like Brazil and Canada.

According to the report, Russia has continued to be the top supplier to India, accounting for about 35% of India's overall supplies, followed by Iraq, Saudi Arabia, and United Arab Emirates. In the first half of this year, India's oil imports from Russia rose slightly, with half of these purchases made by private refiners Reliance Industries Ltd and Nayara Energy.

"I'm not worried at all. If something happens, we'll deal with it," Puri reportedly said at an industry event in New Delhi. "India has diversified the sources of supply and we have gone, I think, from about 27 countries that we used to buy from, to about 40 countries now."

Earlier this week, U.S. President Donald Trump pledged to impose 100% tariffs on any country that buys Russian oil, but delayed the enforcement of the tariffs for 50 days to allow Moscow to end the war in Ukraine. India and China, two of the world’s top oil consumers, are the biggest buyers of Russian oil.

Separately, the U.S. Senate is proposing a bipartisan bill that will raise the secondary tariffs on Russian oil to 500%.

Retail sentiment on Stocktwits about the United States Oil Fund was in the ‘bearish’ territory on Thursday.

Benchmark crude oil prices remained volatile as traders continued to assess U.S. oil inventory data. While crude oil consumption in the world’s biggest economy rose in the past week, gasoline and diesel stocks also gained, raising questions about oil demand.

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