India reevaluates Russian oil purchases ahead of impending U.S. tariff increase - report
India's Refiners Adjust Purchases: Indian refiners, including Reliance Industries, plan to reduce their purchases of Russian crude oil from an average of 1.8 million barrels per day to between 1.4 and 1.6 million barrels per day starting in October.
U.S. Tariff Pressure: This decision comes ahead of a scheduled increase in U.S. tariffs aimed at reducing the trade deficit with India, which has intensified scrutiny on India's energy trade with Russia amid the ongoing Ukraine conflict.
Potential Trade Deal Impact: The volume of oil imports may change if India negotiates a trade deal with the U.S., potentially easing pressure regarding its financial support for Russia's war efforts.
Bilateral Trade Goals: Despite the reduction in crude purchases, India and Russia aim for a bilateral trade target of $100 billion by 2030, with recent trade reaching a record $68.7 billion, largely due to increased oil imports.
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