Indian refiners, including Indian Oil Corp. Ltd. and Reliance Industries Ltd., plan to reduce the amount of goods they buy in the coming weeks. This is a small concession to Washington's hawks less than a day before the United States will increase tariffs, but it also shows that the country does not intend to cut ties with Moscow. The companies are expected to buy 1.4 million to 1.6 million barrels a day for October loading and beyond, said people with knowledge of the matter who asked not to be identified because they’re not authorized to speak publicly.This is in contrast to the first half of the year, when the average daily production was 1.8 million barrels. The Trump administration has increased pressure on India's energy trade with Russia in an effort to reduce its trade deficit with India. This includes the doubling of US tariffs, which are scheduled to go into effect on Wednesday. According to the individuals, if India and Trump reach a trade agreement and the United States eases their pressure on India for funding Russia's war with Ukraine, volumes may change. Emails seeking comment were not immediately responded to by spokespersons for India's oil ministry, Reliance, Nayara Energy Ltd., or state-run refiners Indian Oil Corp., Bharat Petroleum Corp., or Hindustan Petroleum Corp. President Donald Trump has singled out India for criticism regarding its purchases of Russian crude, particularly their dramatic increase since the start of the war in Ukraine. He has been under pressure to secure a trade deal and make progress in Ukraine since the end of last month. According to Kasatkin Consulting, the nation now accounts for 37% of Moscow's oil exports, up from minimal purchases prior to 2022. Since then, officials in the US administration have turned up the volume on their own public criticism, focusing on the country's energy tycoons. On Monday, the US Department of Homeland Security issued a draft notice to double Indian import tariffs to 50% on August 1, 2027.
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