Indian Oil, BPCL resume Russian oil purchases following wider discounts amid Trump's tariff blow
The refiners had halted purchases in July due to narrower discounts and after India was criticised by Washington for its purchases of Russian oil. President Donald Trump also threatened an additional 25% levy on Indian goods, effective August 27, to penalise New Delhi for its continued buying of the oil.
Discounts for Russian flagship Urals crude have widened to about $3 per barrel, making the oil attractive for Indian refiners, while China has stepped up purchases, the officials said.
In addition to Urals, IOC has also bought other Russian crude oil grades including Varandey and Siberian Light, they said.
Indian companies do not comment on their crude imports.
On Monday, IOC, the country's top refiner, told analysts that it would continue to buy Russian oil depending on economics.
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Russia invites Indian exports as US tariffs hit trade, defends oil ties
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