India Continues Russian Oil Purchases Amid US Trade Talks

Indian oil refineries continue to actively buy Russian oil and plan to continue doing so in November and December. Bloomberg writes about this, citing its sources. The massive purchases of Russian oil are continuing at a time when the Indian authorities are negotiating a new trade agreement with the United States. One of the conditions put forward by Washington is that India refuses to buy Russian oil.

As Bloomberg notes, oil supplies exported from Russia to India have recently decreased and reached a two-year low of about 1 million barrels per day. This is due to the fact that in early August, Indian refiners temporarily suspended such purchases, and in addition, the volumes were affected by Ukrainian UAV strikes on Russian facilities.

However, as sources report, these supplies are likely to increase in the coming months. This is partly due to the easing of US pressure on India. Sources note that the situation may change during the negotiations between the two countries, but so far the Indian authorities are not demanding that refiners refuse Russian oil.