Trump Targets Russian Oil, Causes Steady Advancement
Team Veye | 01-Apr-2025
U.S. President Donald Trump’s threat to impose tariffs on buyers of Russian oil pushed up the prices for the commodity. While the Brent crude for June traded just short of $75 a barrel, after gaining modestly on Monday, it was the highest gain since mid-January. As earlier in March, it had fallen to nearly $68, the lowest since December 2021.
Though Trump hinted at levying buyers with a 25% to 50% tariff, it had a limited impact as oil markets were still weighing the seriousness of it to be implemented as an order.
China and India are the main buyers at present with Russia emerging as top supplier to India after it had offered crude oil at attractive rates to overcome Western sanctions.
Currently the topmost supplier to India’s oil imports, Russia’s supplies had declined 14.5% in February to 1.43 million barrels per day. This was its lowest since January 2023. Furthermore, Russia’s share in India’s imports too declined to about 30% during this period, much lower than about 38% average observed in 2024.
(Source: Reuters)
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