Overview

• The Ministry of External Affairs said there was no discussion between Prime Minister Narendra Modi and President Donald Trump and reiterated that import policy is guided by Indian consumers’ interests.
• Shipping tracker Kpler estimates India bought about 1.6 million barrels per day of Russian crude in September, roughly 34% of total imports.
• State-run refiners sharply cut Russian purchases while private players raised them, with Reliance near 850,000 bpd and Nayara close to 400,000 bpd in September, according to Kpler data.
• The U.S. in August lifted tariffs on Indian goods to 50%, explicitly linking the penalty to India’s continued intake of Russian oil.
• Reuters reported that some refiners are preparing for a gradual reduction in Russian crude buys, though companies said they have received no government directive and talks on deeper U.S.-India energy cooperation are ongoing.