India to alleviate Russian oil purchases as higher US charges

(Bloomberg) – Refineries in India, one of the biggest buyers of Russian crude oil, intends to prune their purchases in the coming weeks, a modest franchise to the Falcons of Washington less than a day before a hike in the US rates, but also a sign that the country has no plans to break ties with Moscow. State -owned and private processors, including Heavyweight Reliance Industries Ltd., are expected to load 1.4 million to 1.6 million barrels per day for October and buy further, people said with knowledge of the matter that asked not to be identified because they were not authorized to speak in public. This compares with an average of 1.8 million barrels per day in the first half of the year. The Trump administration, which is eager to reduce a trade deficit with India, has strengthened the pressure on the country’s energy trade with Russia. This includes a doubling of US rates, which comes into effect on Wednesday. The volumes could change if India reached a trade agreement with Trump and the US facilitated the pressure on India for financing Russia’s war with Ukraine, people said. Spokesmen of India’s oil ministry, Reliance, Nayara Energy Ltd., and the state-run refineries Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp. did not immediately respond to email to comment. Since late last month, under pressure to secure a trade transaction and progress in Ukraine, President Donald Trump has singled out India for criticism of Russian crude oil purchases, and especially the dramatic increase since the beginning of the war in Ukraine. From minimal purchases before 2022, the country is now 37% of the oil exports of Moscow, according to Kasatkin Consulting. US administration officials have since contacted the volume with their own public criticism, which comes in the country’s energy -tycoons. The US Department of Home Security issued a draft notice on Monday to double the rates on Indian imports on August 27. With the help of Nicholas Lua. More stories like these are available on Bloomberg.com © 2025 Bloomberg LP Disclaimer: This story was published from a wire agency feed without changes to the text.