Indian refiners are avoiding purchases of Russian oil for delivery in April, a decision influenced by the desire to finalize a trade pact with the U. S. India and the U. S. are working on a trade deal that aims to lower tariffs and strengthen economic ties. Major Indian refiners, including Indian Oil, Bharat Petroleum, and Reliance Industries, have stopped accepting offers for Russian oil deliveries in March and April, although they had some shipments already planned for March.
President Trump has stated that India is “committed” to stopping Russian oil imports, which played a role in his decision to rescind tariffs on Indian goods linked to oil purchases. However, India has not formally announced a halt to Russian oil imports. After Russia’s invasion of Ukraine in 2022, India became a leading buyer of discounted Russian crude, prompting sanctions from Western nations aimed at limiting Russia’s revenue.
Nayara, another major Indian refiner, exclusively uses Russian oil but will not import it in April due to maintenance. Indian refiners may reconsider their position if the government advises them to do so, and U. S. officials will monitor their actions. Reports indicate that India plans to reduce Russian oil imports significantly, with expectations of volumes dropping below 1 million barrels per day by March. Overall, Indian refiners are shifting towards oil from other regions like the Middle East, Africa, and South America, while Russian imports are at their lowest in two years.
With information from Reuters
