Indian state-owned oil refineries have suspended purchases of Russian oil over the past week due to reduced discounts in July, and also after US President Donald Trump's warning against buying raw materials from Russia. This was reported by Reuters, citing informed sources, according to UNN.
India, the world's third-largest oil importer, remains the largest buyer of Russian seaborne oil. However, four state-owned companies — Indian Oil Corp (IOC), Hindustan Petroleum Corp (HPCL), Bharat Petroleum Corp (BPCL), and Mangalore Refinery and Petrochemical Ltd (MRPL) — have not sought new batches of Russian oil over the past week, four sources familiar with procurement plans told the agency.
Instead, state-owned companies turned to the spot market, primarily choosing Middle Eastern and African crude grades, including Murban from Abu Dhabi and West African crude.
It is noted that private companies Reliance Industries and Nayara Energy remain the main buyers of Russian oil in the country. At the same time, state-owned enterprises control more than 60% of India's total oil refining capacity — about 5.2 million barrels per day.
Recall
US President Donald Trump announced the imposition of 25% tariffs on goods from India, accusing the country of buying Russian weapons and energy. This decision, which will take effect on August 1, also includes an additional penalty.