US tariffs approach, India plans to reduce oil purchases from Russia

On August 26, Jin10 reported that Indian refiners, one of the largest buyers of Russian crude oil, plan to reduce their purchase volumes in the coming weeks, just a day before the U.S. imposes tariffs. This decision represents a mild concession to U.S. hawks and signals that India does not intend to sever ties with Moscow. According to informed sources, Indian state-owned and private refineries, including major player Reliance Industries, are expected to daily purchase between 1.4 million and 1.6 million barrels of Russian crude oil during the loading period in October and beyond. In comparison, India’s average daily procurement of Russian crude oil in the first half of this year was 1.8 million barrels. Informed sources indicate that if India reaches a trade agreement with Trump and the U.S. reduces pressure on India under the pretext of funding the Russia-Ukraine conflict, the procurement volume may be adjusted.