Reuters insiders have learned that the powerful US pressure on India is already having a serious result, as Indian refineries are refusing to buy Russian “black gold”. This trend is likely to continue, as New Delhi and Washington are about to sign a trade agreement.
Points of attention
- Signs suggest that Indian refineries may reconsider plans to buy Russian oil, subject to government recommendations, highlighting the complexity of the situation.
- India's stance on Russian oil purchase underlines the importance of staying aligned with objective market conditions and evolving international dynamics.
India changes course towards the US
According to anonymous sources, on February 6, Washington and New Delhi came close to signing a trade agreement.
This document provides for the easing of tariffs and deepening of economic cooperation.
This new impetus in the US-India talks has led to Indian Oil (IOC.NS), Bharat Petroleum (BPCL.NS) and Reliance Industries (RELI.NS) no longer accepting offers from traders to load Russian oil in March and April.
In general, the point is that most Indian refineries have stopped buying "black gold" from Russia.
A spokesperson for the Indian Ministry of External Affairs has already made a statement on this matter:
Diversifying our energy sources in accordance with objective market conditions and changing international dynamics is the foundation of our strategy to ensure the energy security of the world's most populous country.
Anonymous sources point out that Indian refineries may still change their plans and place orders for Russian oil — if this happens, it will be exclusively on the recommendation of the government.
