India Reduces Russian Oil Imports Amid Trade Talks with U.S.
India's import of Russian oil declined in January as refiners pursued alternative sources amidst Western sanctions and U.S.-India trade negotiations. A new trade deal involves India reducing Russian oil purchases, impacting Moscow's market, while Indian refiners plan to source more crude from the Middle East and Brazil.
In January, India's imports of Russian oil experienced a decline as refiners sought alternative sources amid Western sanctions and ongoing trade negotiations with the U.S., sources and data from Reuters indicated.
U.S. President Donald Trump's announcement of a new trade deal with India involves reducing tariffs in exchange for decreased Russian oil purchases. Indian refiners have been adjusting their import strategies to focus on Middle Eastern and Brazilian crude.
India imported 1.215 million barrels per day of Russian crude in January, a sharp decline from December. The shift in India's oil import strategy is impacting Russia's ability to find buyers for its crude, though no official mandate to stop Russian oil purchases has been issued by the Indian government.
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