Overview
- HPCL‑Mittal Energy suspended Russian crude purchases, Reliance and state refiners signalled compliance, and Indian Oil Corp invited offers for 24 million barrels from the Americas to replace lost supply.
- Ship‑tracking data from Kpler and Vortexa showed the Aframax Furia, loaded with Urals for India, reversed course and idled in the Baltic Sea, with the vessel blacklisted by the EU and UK, highlighting immediate trade friction.
- India’s foreign ministry said it is studying the implications of the sanctions and reiterated that energy sourcing will prioritize affordable supplies for 1.4 billion people.
- Sector data show Russian oil’s share in India’s imports has slipped to about 34% this fiscal as U.S. imports rose to roughly 575,000 barrels per day in October, with refinery run rates in September at a 19‑month low and import costs rising.
- President Donald Trump praised India for cutting Russian oil purchases, while Russia’s ambassador warned that if India buys less, other refiners are likely to take those barrels.