Overview

• President Donald Trump told reporters that Prime Minister Narendra Modi assured him India would stop buying Russian oil, saying the shift would occur within a short period of time.
• The Indian government has not confirmed such an assurance, with spokesperson Randhir Jaiswal stating that import policies focus on safeguarding consumers, price stability and supply security through diversification.
• Commodity tracker Kpler reported Russia remained India’s top supplier in September at about 34% of crude imports (~1.6 million barrels per day), as state refiners cut Russian purchases roughly 45% since June while Reliance lifted intake to about 850,000 bpd and Nayara to nearly 400,000 bpd.
• Trump previously doubled duties on Indian goods to a total of 50% in August, linking the tariffs to New Delhi’s continued purchases of discounted Russian crude.
• India signaled openness to increasing oil and gas buys from the U.S. if prices are competitive, while opposition leaders in New Delhi criticized Modi over Trump’s claim and Russia’s envoy called bilateral oil trade mutually beneficial.