US EditionOil Prices Little Changed as Market Awaits Impact of US Tariffs on India
India plans to modestly reduce Russian crude purchases to 1.4-1.6 million barrels per day amid U.S. pressure, while tariffs on Indian imports double to 50%.
- On Monday the U.S. Department of Homeland Security issued a draft notice to double tariffs on Indian imports to 50% effective Aug. 27, intensifying pressure on India's Russian oil trade.
- Since 2022 India has sharply increased Russian oil purchases, now accounting for 37% of Moscow's petroleum exports, Kasatkin Consulting reports.
- State-Run and private processors, including Reliance Industries Ltd., plan to cut daily buys from 1.8 million barrels to 1.4 million-to-1.6 million barrels for October loading and beyond.
- Earlier this month President Donald Trump announced a 25% tariff, prompting Indian state refineries to halt Russian oil purchases and seek alternative suppliers; some resumed buys after the summit with Russian President Vladimir Putin, with cuts seen as modest.
- Despite public threats, Washington has held off on further trade measures and U.S. officials have publicly intensified criticism of India's refining sector and energy tycoons.
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Channel News Asia
ZawyaOil prices little changed as market awaits impact of US tariffs on India
Oil prices were little changed on Wednesday, after falling in the previous session, as the market awaits massive new U.S. tariffs on India, the world's third-largest crude consumer, in response to its purchases of Russian supply. The U.S. is set to impose additional tariffs of 25 per cent on Indian exports at
New Delhi, Aug 26 (EFE).- India's decision to continue importing Russian oil on a large scale will unleash on Wednesday at 9:31 local time (4:01 GMT) one of the biggest trade confrontations, when the United States activates a 50% tariff on $60 billion of its exports. These are the keys to understanding the shock that this US decision, which frames Indian energy policy as a “threat to national security”:How do they work and what are these tariffs…
India reluctantly cuts Russian oil imports under US pressure, Bloomberg reports
State-owned and private processors, including energy giant Reliance Industries, plan to trim daily purchases to 1.4-1.6 million barrels from the current 1.8 million barrels, Bloomberg reported.
India Set to Trim Russian Oil Imports Amid U.S. Tariff Pressure
India’s state-controlled and private refiners are expected to trim their near-term purchases of Russian oil as the U.S. is set to double tariffs on Indian goods to 50% as of Wednesday due to India’s imports of Russian crude. The top state-owned refiners and private refiners, including Reliance Industries and Rosneft-linked Nayara Energy, are projected to book between 1.4 million barrels per day (bpd) to 1.6 million bpd of Russian crude for Octob…
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