Reports indicate that Indian state refiners have temporarily halted purchases of Russian crude oil. This pause follows the announcement of a 25% tariff on Russian oil by the Trump administration. Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp, and Mangalore Refinery Petrochemical Ltd, have not sought Russian crude in the last week or so.
President Trump announced a 25% tariff on all U.S. trade with countries purchasing Venezuelan oil and gas, effective April 2nd. This action, targeting China, the largest importer of Venezuelan crude, aims to pressure President Maduro and potentially benefit Chevron by limiting Chinese influence in Venezuela’s oil sector. The tariffs follow Trump’s reversal of a Biden administration decision allowing Chevron to operate in Venezuela and his invocation of the Alien Enemies Act against the Tren de Aragua gang. Oil prices are expected to rise as a result of the new tariffs.
John Q. Hosedrinker