India probably to increase its oil purchases from Russia
(MENAFN) India is expected to raise its oil imports from Russia in the coming months, with local refiners being offered substantial discounts, according to reports.
Russian suppliers are reportedly providing Indian refiners with price reductions of $2 to $2.50 per barrel of Urals crude compared to Dated Brent, according to sources familiar with the situation.
Analysts project that India’s oil imports from Russia will grow by about 6% in October, averaging roughly 1.7 million barrels per day. This anticipated increase comes despite the 25% US punitive tariffs imposed on many Indian exports due to the country’s ongoing purchases of Russian oil.
As the world’s third-largest oil importer and consumer, India has experienced a significant shift in its energy supply since the escalation of the Ukraine conflict, with Russia emerging as its primary oil supplier since February 2022. Russian crude accounted for 34% of India’s oil imports in September, according to analytics data.
Following the imposition of additional Western sanctions on Moscow in July, India reaffirmed its commitment to continue sourcing Russian oil, provided the price remains below the $47 per barrel cap, as stated by reports. Indian refiners have also indicated that purchases will proceed as long as shipments use non-sanctioned vessels and avoid transactions with blacklisted companies or individuals.
Washington has levied 50% tariffs on Indian goods, including a 25% penalty specifically tied to India’s sustained purchases of Russian oil. New Delhi has resisted curbing imports, characterizing the US stance as a form of economic pressure.
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