New Delhi: India has asked its refiners to report weekly data on Russian and U.S. oil imports as part of efforts to strengthen trade negotiations with the United States, sources told Reuters. The government expects Russian crude purchases to drop below 1 million barrels per day (bpd) in the coming months. Following the 2022 Ukraine […]
Reliance Industries
U.S. sanctions force India to ditch $33B Russian oil contracts
India has finally yielded to U.S. pressure, deciding to stop buying Russian oil, ending a decade-long trade agreement. Reliance Industries, owned by billionaire Mukesh Ambani, will no longer import Russian crude. The move follows threats of high U.S. tariffs affecting India’s trade relations. The U-turn means Reliance will now source expensive oil from the Middle […]
India to cut Russian oil imports
NEW DELHI – Indian refiners are preparing to drastically reduce imports of Russian crude oil following new U.S. sanctions targeting Russia’s two largest oil producers, Lukoil and Rosneft, industry sources confirmed Thursday. The move is expected to ease trade tensions with Washington, which has imposed steep tariffs on Indian exports in part due to its […]