From The Economic Times · Bloomberg · · 1m 10s
India may reduce Russian oil imports amid US sanctions fears
India could cut Russian crude purchases as US tariffs threaten its oil supply chain
In brief
India could cut Russian crude purchases as US tariffs threaten its oil supply chain India might lower Russian oil imports to 20-30% of total to avoid US tariffs Originally reported by The Economic Times.
US sanctions threat
India's refiners may reduce Russian crude purchases after new US sanctions law allows tariffs on major Russian oil buyers
Current import levels
India bought over half its oil from Russia recently to counter high prices and Middle East disruptions
New Delhi's plan
India could limit Russian crude imports to 20-30% of total to stop being top buyer of Moscow's seaborne oil
Tariff risks
US law allows tariffs up to 100% on Russian oil buyers, including India, after Trump signed the bill last week
Market challenges
Replacing Russia's oil is difficult due to high prices and volume, with Urals costing $133/barrel versus $137+ for Middle Eastern grades
India's needs
India needs more oil as new refineries and expansions push purchases to record 5.4 million barrels daily
Expert view
India should continue buying Russian oil as long as it's competitive, ignoring US tariff threats
“India should continue to buy crude from Russia as long as it is competitive”
Here's the gist
India might lower Russian oil imports to 20-30% of total to avoid US tariffs
