NEW DELHI, August 2. /TASS/. India's purchases of Russian oil have made a positive contribution to global energy stability, a source in the Indian government told TASS.
"India's energy decisions were dictated by national interests, but they also contributed positively to global energy stability," he said.
"Had India not accepted Russian oil at a discount and had OPEC+ not cut production by 5.86 million barrels per day, global oil prices could have significantly exceeded the March 2022 peak of $137 per barrel, intensifying inflationary pressure around the world," he emphasized.
According to the source, "India's pragmatic approach ensured oil supplies, price stability, and market balance while fully complying with the international framework." "India, the world's third-largest energy consumer and 85% dependent on crude oil imports, has strategically diversified its supply sources to ensure energy security," the source pointed out.
Earlier, US President Donald Trump said that despite friendly relations between the two countries, the US has relatively little trade with India because tariffs are "far too high, among the highest in the world." The US president pointed out that India has always purchased most of its military equipment from Russia and is also, along with China, is also the largest buyer of Russian energy resources. According to Trump, India will pay a 25% tariff in this regard. The US leader later stated that he does not care about the economic and trade ties between India and Russia, calling their economies "dead." On July 14, Trump said that the US would impose tariffs of about 100% on Russia and its trading partners if the Ukrainian settlement is not reached within 50 days.