US deal, Indian refineries avoid Russian oil - Russian oil imports to drop below 1 million barrels per day by March
Indian refiners are avoiding buying Russian oil for April delivery and are expected to stay away from such purchases for a longer time, refining and trading sources said, as it helps New Delhi seal a trade pact with Washington.
The US and India moved closer to a trade pact on Friday, announcing a framework for a deal they hope to complete by March that would lower tariffs and deepen economic cooperation.
However, these refineries will accept Russian oil shipments in March, refining sources said. Most other refineries have stopped buying Russian crude.
The three refineries and the oil ministry did not respond to requests for comment. A foreign ministry spokesman said: “Diversifying our energy supply in line with objective market conditions and evolving international dynamics is at the core of our strategy” to ensure energy security for the world’s most populous nation.
Although a US-India statement on the trade framework did not mention Russian oil, President Donald Trump canceled his 25% tariffs on Indian goods, imposed on purchases of Russian oil, because, he said, New Delhi was "committed to directly or indirectly stopping" the import of Russian oil.
India became the main buyer of Russian crude oil shipped at discounted prices after Russia invaded Ukraine in 2022, sparking a backlash from Western countries that had sanctioned Russia's energy sector.
Sources said last month that India was preparing to cut Russian oil imports to below 1 million barrels per day by March, with volumes eventually falling to 500,000-600,000 barrels per day, compared with an average of 1.7 million barrels per day last year.
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