India purchased about 1.63 million barrels a day of Russian oil final 12 months, greater than a 3rd of its complete imports.
Indian oil refiners are being hemmed in by each the US and European Union’s stepped-up efforts to focus on Russian power flows, with processors scrambling to purchase crude from different sources.
A serious purchaser of Russian oil, India is now discovering itself blindsided by a extra aggressive strategy to the Kremlin from each Washington and Brussels. President Donald Trump criticised the nation’s purchases of Russian power and weapons as he stated the US would impose a comparatively excessive import tariff of 25 per cent on Indian exports from Friday.
Even earlier than Trump’s announcement, state-owned refiners had been issuing buy tenders for unusually immediate arrival dates. Indian Oil Corp., the nation’s greatest processor of crude, issued a purchase tender for oil arriving in late September to early October on Thursday, shortly after awarding an analogous one for roughly the identical supply dates.
Bharat Petroleum Corp. bought Center Jap and West African crude varieties this week additionally for supply within the late-September to early-October interval. Usually, tenders issued right now could be for crudes that are set to reach in mid-to-late October.
Refiners in India had already been hit by the EU’s intention to ban imports of diesel made within the nation from Russian crude. They’re now having to deal with a White Home that’s change into markedly extra strident on Moscow’s power flows. The processors are at present looking for readability from New Delhi as to how their oil purchases will likely be affected.
India purchased about 1.63 million barrels a day of Russian oil final 12 months, greater than a 3rd of its complete imports, in accordance with ship-tracking knowledge compiled by Bloomberg. These volumes have largely held up to this point this 12 months. In addition to the geopolitical challenges, Indian refiners are additionally having to cope with much less crude coming from Russia, and rising costs.
Extra tales like this can be found on bloomberg.com
Printed on July 31, 2025
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