Overview

• IndianOil bought 5 million barrels of WTI for October–November delivery, BPCL purchased 2 million barrels, and Reliance acquired 2 million barrels via Vitol, trade sources said.
• Cheaper freight from the U.S. Gulf and stronger Middle East benchmarks opened the August arbitrage that drew Indian state and private refiners to U.S. crude.
• Despite the U.S. purchases, Indian refiners are preparing to lift Russian crude arrivals in September by about 10–20%, or roughly 150,000–300,000 barrels per day, according to preliminary trading data.
• ONGC chairman Arun Kumar Singh said group refiners HPCL and MRPL will keep buying Russian oil as long as economics support it, noting no directive to curtail imports under the price-cap framework.
• The U.S. raised tariffs on Indian goods to 50% and senior officials increased public criticism over Russian oil flows, while Indian officials and allied sources insist purchases are lawful, price-cap compliant, and supportive of market stability.