DISCOUNTED RUSSIAN OIL
India’s state-owned refiners seek to fully revive Russian crude buys despite US pressure
Despite US pressure, Indian state-owned oil refiners aim to revive discounted Russian crude purchases. However, a lack of available cargoes due to redirection to China and increased competition from other nations is hindering these plans. While India intends to continue buying Russian oil, imports have already decreased, and further declines are expected as China increases its intake.
Indian Oil Corp says Russia's spot oil supply is normal
Indian Oil Corp said Russian oil continues to trade at a $2–$3 per barrel discount to Dubai crude for Indian deliveries. India remains the largest buyer of Russian seaborne crude despite U.S. pressure. August imports fell to 686,850 bpd from July’s 1.34 million bpd as state refiners paused purchases due to narrower discounts and high inventories.
Musk vs Navarro: X CEO breaks silence after Trump aide gets fact-checked by Community notes on India charge
Elon Musk defended X's Community Notes and Grok after Peter Navarro, Trump's advisor, was fact-checked on claims about India's Russian oil purchases. Navarro attacked X, alleging Indian special interests were distorting US debate. India refuted Navarro's remarks as inaccurate, amidst growing strain in India-US relations over trade and energy ties.
'Propaganda': Peter Navarro slams Elon Musk after his X post on India’s Russian oil purchases gets fact-checked
Peter Navarro, former Trump advisor, lashed out after being fact-checked on X for spreading misinformation about India's Russian oil purchases. He accused Elon Musk of allowing "propaganda" and reiterated his claim that India is exploiting the situation for profit. Navarro insisted India didn't buy Russian oil before the Ukraine invasion.
India will be at negotiating table 'in a month or two': US Commerce Secretary Howard Lutnick
US Commerce Secretary Howard Lutnick suggests India will eventually seek a deal with Donald Trump, despite current tensions over Russian oil purchases. Lutnick criticized India's increased reliance on discounted Russian oil and its role in BRICS, urging New Delhi to align with the US. He believes economic realities will compel India to prioritize its relationship with the American consumer.
'US disappointed with India continuing to help fund Russia's war in Ukraine,’ says White House adviser
The US expresses disappointment over India's trade with Russia, suggesting it aids Russia's war efforts in Ukraine. India rejects these criticisms, asserting its energy procurement is driven by national interest following discounted Russian oil purchases post-Ukraine invasion. Tensions rise as the US imposes tariffs, questioning India's strategic partnership amid increased Russian oil imports.
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Reliance remains compliant with sanctions; Russian oil adds just 2.1% to EBITDA
Analysts suggest Reliance Industries, despite being India's top buyer of Russian oil, is expected to maintain compliance with international sanctions. The financial benefit from refining Russian crude is limited, contributing only a small fraction to Reliance's consolidated earnings. Experts highlight Reliance's history of adhering to Western sanctions, indicating a likely continuation of this practice.
India's diesel shipments to Europe surge 137% in August
India's diesel exports to Europe witnessed a significant surge in August, climbing 137% year-on-year to 242,000 barrels per day. This increase is attributed to European buyers preparing for the upcoming EU ban on fuels refined from Russian crude in 2026.
Reliance's Oil-to-Chemicals profit margins largely unaffected by Russian crude: Jefferies
Jefferies reports Reliance Industries' O2C profitability shows minimal dependence on Russian crude due to offsetting logistics costs. The company's O2C profitability is tracking a strong 15 per cent year-on-year growth in the first half of 2026, supported by firm auto fuel margins and European diesel spreads. Reliance maintains compliance with Western sanctions and can adapt to potential Russian crude sanctions.
The energy transition is now a national security issue. Just ask India
India faces scrutiny over Russian oil imports, highlighting energy security concerns. The nation heavily relies on oil imports but is more self-sufficient in electricity, mainly from coal and renewables. While oil dependence seems strong, boosted by discounted Russian oil, India is pushing for electrification and renewable energy.
US tariffs hurting Indian exports; Russian oil giving big boost to balance of payments: Urjit Patel
Patel noted that Indian exports to the United States have been hit hard. “About 55 per cent of our exports to the US at the moment are facing punitive tariffs, and these are the sectors where the pain needs to be mitigated,” he said. According to him, while the US accounts for 13 per cent of world trade, “87 per cent of global trade is carrying on as before, so there is scope for trade deepening.”
Russian crude's share rises 5% in a shrunk August basket
India's crude imports hit a 10-month low in August due to weaker domestic demand, even as Russian supplies increased by 5.6% to 1.67 mbd, raising its share to 37%. Imports from Iraq, Saudi Arabia, and the US declined, while the UAE emerged as a significant gainer. Discounts on Russian oil continue to attract Indian refiners, despite pressure from the US.
Russian crude discounts widen; India continues purchases despite US pressure
Washington is increasing pressure on New Delhi over its growing imports of Russian oil, even as Moscow offers deeper discounts. The US has imposed tariffs on Indian goods, including a 50% tariff on Russian oil imports, citing concerns that these purchases are funding Russia's war in Ukraine. Despite US pressure, India is likely to continue procuring Russian crude.
Trump says India offered to cut tariffs to 'nothing', but it’s getting 'late' after years of one-sided trade
Donald Trump criticized India's trade practices. He said India treated the US unfairly for decades. Trump claimed India charged high tariffs, hindering American businesses. He mentioned India's reliance on Russia for oil and military supplies. Trump stated India's offer to cut tariffs came too late. He believes the trade relationship has been a one-sided disaster for a long time.
Peter Navarro calls India ‘Maharaja of Tariffs’ but New Delhi is in denial
US President Donald Trump’s trade adviser, Peter Navarro, has sharply criticized India, calling it “literally the Maharaja of tariffs” and accusing New Delhi of being in denial about its high import barriers. Navarro said India’s trade restrictions hurt American businesses while benefiting from U.S. imports and condemned its growing oil trade with Russia, calling it “nothing but profiteering.”
Peter Navarro rakes up 'caste' over New Delhi's Russian oil deals
Peter Navarro criticized India's Russian oil imports. He claimed some elites are benefiting at the expense of ordinary Indians. The US has pressured India to halt these purchases. India defends its actions as stabilizing the global oil market. The US has imposed tariffs on Indian exports in response. These tariffs may impact exporters and jobs.
Modi-Putin bilateral talks: PM Modi speaks of strong energy ties and co-operation with Russia to end Ukraine war
Prime Minister Narendra Modi and President Vladimir Putin met in Tianjin, China, during the SCO Summit to discuss strengthening energy ties despite the U.S. imposing tariffs on India for Russian oil purchases.
'Brahmins profiteering off Indian people': Trump aide Peter Navarro makes a casteist jibe to justify 50% tariff on India
White House trade adviser Peter Navarro told Fox News that “You got Brahmins profiteering at the expense of the Indian people. We need that to stop,” accusing parts of India’s elite of benefiting from discounted Russian crude. He defended the Trump administration’s 50 per cent tariff on Indian goods and linked the trade pattern to Prime Minister Narendra Modi’s meetings with Vladimir Putin and Xi Jinping. Navarro said the oil purchases, he alleges, help finance the war in Ukraine and increase pressure on US taxpayers.
Oil prices fall with expected low demand, upcoming supply boost
Oil prices declined as traders anticipated weaker U.S. demand after Labor Day and a potential supply increase from OPEC+ this autumn. Market sentiment was also influenced by uncertainty surrounding Russian supply and India's continued purchase of Russian oil despite U.S. pressure. While U.S. crude inventories showed strong draws, concerns linger about the impact of tariffs on future economic outlook.
Oil will find its market, one way or another
US tariff policy differentiates between China's domestic use of Russian oil and India's exports, aiming to curb Moscow's oil production. However, restricting India's refining activities may only redirect oil flow to BRICS nations. The US risks diminishing its influence and the dollar's dominance in energy trade by antagonizing BRICS and failing to address global energy demand effectively.
It's not just about Russian oil, stupid!
India opted to pay a 25% tariff on US exports instead of stopping Russian oil imports. This decision stems from international politics and strategic negotiation. India believes the US penalty aims to force trade concessions, not just cut off Russia's funding. Refiners are profitable and can handle higher crude costs.
Democrats slam Donald Trump of tariffs, back India
US Democrats on the House Foreign Affairs Committee are against Donald Trump's policies. They say Trump is unfairly targeting India with tariffs for buying Russian oil. China, a bigger buyer of Russian oil, faces no such penalties. Democrats suggest Trump's actions are hurting US-India relations.
US Democrats slam Trump for singling out India with tariffs for buying Russian oil
The House Foreign Affairs Committee Democrats criticized Donald Trump for targeting India with tariffs for buying Russian oil while sparing China, a larger importer. They argue this policy is damaging the US-India relationship and benefiting Russia. The committee suggests Trump's actions are not genuinely about supporting Ukraine, as China faces no similar penalties.
Raghuram Rajan says India should reconsider Russian oil buys, asks who benefits & who is hurt
Former RBI Governor Raghuram Rajan has urged India to reconsider Russian oil imports after the Trump administration imposed 50% tariffs on New Delhi’s purchases. Rajan said refiners benefit from profits but exporters bear the tariff cost, calling the move a “wake-up call” for India to diversify trade and reduce reliance on any single partner.
Trump Tariffs: India can get 25% off its tariffs if New Delhi stops buying Russian oil, says Trump's trade adviser Peter Navarro
US Trump Tariffs News: White House trade adviser Peter Navarro has branded the Ukraine conflict “Modi’s war,” claiming India’s discounted oil purchases from Russia bankroll Moscow’s invasion and raise costs for American taxpayers. His remarks came as US tariffs on Indian goods doubled to 50 percent, affecting more than half of exports. India insists its energy security comes first and rejects US pressure. The escalation threatens jobs, trade ties and India’s export competitiveness, even as businesses brace for short-term pain and look for new markets.
Crude oil prices could rise to $100 if India stops importing from Russia, warns CLSA
CLSA warns that crude oil prices may rise to $100 if India stops Russian imports. India currently imports 36% of its crude oil from Russia. The US has imposed tariffs on Indian exports due to this reliance. CLSA estimates India's benefit from discounted Russian crude is only $2.5 billion. A disruption could strand 1% of global oil supply.
India's Russian oil imports set to rise in September in defiance of US
India is poised to increase its Russian oil imports in September due to discounted prices and refinery outages in Russia caused by Ukrainian attacks. Despite U.S. tariffs and EU price caps, India continues to rely on Russian crude, benefiting from cheaper supplies while facing international scrutiny.
India's benefit from Russian oil imports exaggerated; actual gain at just $2.5 bn
A research report indicates India's gains from importing discounted Russian oil are lower than expected. The estimated benefit is around USD 2.5 billion annually. Stopping these imports could raise global crude prices. India relies on Russia for a significant portion of its oil needs. Other key suppliers include Saudi Arabia and Iraq.
Why India's Russian oil imports sparked US tariffs amid Ukraine peace talks
India, a major oil importer, faces pressure from the U.S. due to its increased Russian oil purchases, which Washington views as funding the Ukraine war. Trump imposed tariffs in response, contrasting with the previous administration's acceptance of these imports to stabilize global prices.
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