Overview

• In August, Indian state and private refiners accelerated WTI purchases after prices versus Middle Eastern grades turned favorable and shipping costs fell.
• Indian Oil Corporation bought 5 million barrels for October–November delivery, while BPCL and Reliance each secured about 2 million barrels, according to trade sources.
• The Trump administration doubled tariffs on Indian goods to 50%, and White House trade adviser Peter Navarro publicly pressed New Delhi to cut Russian oil purchases.
• External affairs minister S. Jaishankar defended India’s energy sourcing, saying the country will act in line with its own economic interests.
• Despite U.S. pressure, traders expect Indian refiners to lift Russian crude imports in September by roughly 10–20%—about 150,000–300,000 barrels per day—as discounts deepen.