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President Donald Trump rescinded 25% tariffs on Indian items that had been imposed over Russian oil purchases, stating that New Delhi had “committed to stop directly or indirectly” importing Russian oil. The two sides lately announced a framework geared toward decreasing tariffs and strengthening economic ties, with a goal to finalise the settlement by March. This comes after US President Trump and Prime Minister Narendra Modi announced that India and the US had agreed on a trade deal that might see tariffs on India lowered from 50% to 18%. Days after the India and the United States announced a ‚historic‘ trade deal, the US Customs and Border Protection on Tuesday notified the removal of 25 per cent further tariffs on Indian items. Beneath the lately announced US–India commerce deal, Washington reduced reciprocal tariffs on Indian textile exports to 18 per cent from the earlier 50 per cent. Keep knowledgeable with the latest maritime and offshore information, delivered straight to your inbox

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For HPCL, this marks its first buy of Venezuelan crude. The seller is commodity trader Trafigura, the sources stated. The cargo might be shipped on a single very large crude service (VLCC), with IOC lifting round 1.5 million barrels and HPCL taking about 500,000 barrels. India’s state-run refiners have turned to Venezuela for contemporary crude supplies as they recalibrate sourcing methods.

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