President Donald Trump on Monday announced he would reduce tariffs on Indian goods in exchange for, among other things, a promise to stop buying Russian oil.
That will be a tall task: India has been importing roughly 1.5 million barrels of Russian oil each day – even months after Trump placed tariffs on Indian goods as punishment – according to Kpler, a global trade data provider.
Trump said in a social media post that he spoke Monday morning with Indian Prime Minister Narendra Modi, who agreed to replace the country’s Russian crude imports with oil from Venezuela and the United States. Venezuelan oil is of the same quality as Russian oil – heavy, sour and perfect for making derivatives like fuel oil and diesel.
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