Overview
- The Ministry of External Affairs said it is studying the new U.S. measures on Rosneft and Lukoil and reiterated that energy sourcing will focus on affordability and diverse suppliers.
- HPCL‑Mittal Energy became the first Indian refiner to formally suspend Russian crude purchases, and other processors have paused new orders while reviewing compliance risks.
- Tanker‑tracking firms reported mixed signals, with October Russian flows to India still near 1.6–1.8 million barrels per day but at least one cargo, the Aframax Furia, reversing course and idling in the Baltic Sea.
- Trade data indicate a procurement shift, with U.S. crude deliveries to India rising to roughly 575,000 barrels per day in October and refiners increasing buys from Middle Eastern suppliers.
- Analysts warn narrower discounts and tighter shipping and financing conditions will lift India’s import costs and squeeze refining margins as transactions with sanctioned entities wind down by November 21.