Indian state refiners pause purchases of Russian oil, waiting for government instructions
According to sources cited by Bloomberg on August 7, Indian state-owned refineries are temporarily reducing the amount of Russian crude oil they purchase as the Trump administration increases pressure. They are waiting for further instructions from the government.
Companies including Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation plan to skip purchasing Russian crude oil in the upcoming procurement cycle until the government issues clear instructions. A source who did not want to be named said this decision will affect the procurement plans for Urals crude oil scheduled for shipment in October.
After Trump on the 6th raised tariffs on India from 25% to 50%, citing that India was purchasing Russian energy "directly or indirectly", the global oil market is closely watching India's energy procurement activities.
On the official level, the Indian government has not yet asked refineries to stop purchasing Russian crude oil. The Modi government is countering Trump's tariff policy.
The spokesperson of the Ministry of Petroleum in India has not responded to Bloomberg's request for comment. Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation have also not responded to requests for comment.
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