Overview

• U.S. tariffs on Indian imports were doubled to as much as 50% on Wednesday in a bid to curb New Delhi’s purchases of Russian crude.
• Traders told Reuters that Indian refiners plan to boost September Russian crude intake by roughly 150,000–300,000 barrels per day, with Reliance and Nayara cited as key buyers.
• Ukrainian strikes and other outages have reduced Russian refining capacity, increasing crude available for export and widening Urals discounts to $2–$3 per barrel versus dated Brent from about $1.50 in August.
• U.S. crude inventories fell by 2.4 million barrels in the week ended Aug. 22, EIA data showed, while Brent hovered near $68 and WTI near $64 as prices eased into the end of the summer driving season.
• Market participants expect the tariff effects to become clearer in cargoes arriving from October, and the EU’s tighter $47.60 price cap from Sept. 2 is set to further complicate Russian oil sales later this year.