Overview

• President Trump issued an executive order on August 6 imposing a 25% tariff on Indian goods tied to Russian oil imports, effective 21 days after August 7
• India’s state refiners—including Indian Oil Corp., Bharat Petroleum and Hindustan Petroleum—plan to skip spot purchases of Russian Urals crude in the upcoming buying cycle pending government guidance
• OPEC+ agreed in late July to boost oil production by 547,000 barrels per day starting September 1, intensifying concerns of a potential supply surplus
• The U.S. Energy Information Administration reported a 3 million-barrel draw in crude inventories for the week ended August 1, far exceeding analysts’ expectations
• U.S. crude exports fell to about 3.1 million barrels per day in July, the lowest since October 2021, as Asian and European buyers sought cheaper alternatives