Overview
- Prime Minister Narendra Modi thanked President Trump for lowering a tariff rate to 18% but did not confirm stopping purchases of Russian oil or reference the Ukraine war in his post.
- An Indian government official told Reuters that India agreed to buy U.S. oil, defense equipment and aircraft and to open parts of its agricultural market, with purchases unfolding over several years.
- Reuters sources reported India plans to trim Russian crude imports by several hundred thousand barrels per day from about 1.2 million b/d, and U.S. officials signaled Venezuelan oil sales to India could resume.
- Global oil prices fell nearly 5% on Feb. 2 after signals of U.S.–Iran de‑escalation, including Trump’s comments about negotiations and indications from Iranian officials.
- After a large Russian strike on Ukraine, Senator Lindsey Graham urged supplying Tomahawk missiles to Kyiv, as the White House said Trump was not surprised by renewed attacks and U.S. envoys head to talks in Abu Dhabi this week.