Indian oil refineries have begun to avoid new purchases of Russian oil for delivery in March-April amid talks between New Delhi and Washington on a trade agreement, which the parties hope to finalize by March, Reuters reports, citing traders and industry sources.
According to the agency, Indian Oil, Bharat Petroleum, and Reliance Industries are not accepting offers for Russian oil with shipments in March and April, although some refineries still have previously agreed deliveries for March. Reuters notes that most other refiners have also stopped new purchases from Russia.
At the same time, as Reuters emphasized earlier, Indian refineries have not received official instructions to stop importing Russian oil and, in the event of a policy change, would require a transition period to complete deals that are already in progress.
The context is the move by the US and India towards an interim trade agreement and the expectation of finalization in March. Against this backdrop, according to Reuters, the US has eased tariff pressure on India, and the American side has publicly linked this to New Delhi’s commitment to reduce purchases of Russian oil.
INDIA, OIL, refineries, RUSSIA
