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Market move▼ Bearish for Indian Oil
Replacing 1 million bpd of Russian oil could cost India up to $3.7 billion annually
The brief
- Replacing 1 million bpd of Russian oil could add up to $3.7 billion to India’s annual bill
- Indian refiners face higher crude costs and tighter supply as they seek alternatives
- Higher crude costs could pressure OMC margins and raise fuel bills for Indian consumers
- Oil prices rebound after Trump rejects peace deal to resolve Iran conflict
- Crude oil price dips as traders weigh US-Iran Hormuz talks, supply risks
- Oil prices fall after Iran asks U.S. to return to failed memorandum of understanding from June
- Italy to Convene Oil Refiners as it Seeks to Boost Fuels Output
- Global Market: VLCC rates hit record as Saudi crude flows jump
India’s Russian oil imports and US tariff pressure
The extension of the US-China trade truce until January 10 raised concerns that India could face greater US tariff pressure over Russian oil. Replacing 1 million barrels per day of Russian crude could add up to $3.7 billion annually to India’s oil bill, while India was expected to maintain its position on national interest.
Sunday, 27 September
Friday, 25 September
- Replacing 1 million bpd of Russian oil could cost India up to $3.7 billion annually