US President Donald Trump’s expected move to impose tariffs on Canadian crude oil imports could change the trade flows, Indian Oil Corporation (IOC) chairman Arvinder Singh Sahney said on Wednesday.
Speaking to a news agency, he commented that India will make its decision based on its commercial interests.
“If it is imposed, trade flows of crude oil will change… We will make decisions based on where we fit in the bigger picture and our commercial interests,” Sahney said.
He, however, clarified that the tariff would primarily affect trade balances rather than global oil prices.
India, which already imports limited quantities of crude from the US, could see a slight increase in such purchases, Sahney noted.
He also pointed out that Guyana, a recent oil-producing nation, is developing its reserves, and crude imports from there could rise in the coming years.
“If these tariffs are imposed, there may be a possibility that Venezuela’s bans will also be removed. So, Venezuela will also come into the picture… Plus, Brazil may also come into the market,” he added.
On import of Russian crude oil, the IOC chairman said, “There was no embargo on Russian oil or Russian energy. The only thing is that no negotiations or contracts should be done with sanctioned entities… If the insurance and fleet of Russian oil are clean, and the entity supplying it to us is not sanctioned, we are ready to deal with them… These are not long-term deals. We are purchasing them on the spot… I expect that the prices will remain at USD 75-80 (crude oil prices per barrel)…”
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