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US tariffs approach, India plans to reduce oil purchases from Russia
On August 26, Jin10 reported that Indian refiners, one of the largest buyers of Russian crude oil, plan to cut their purchase volumes in the coming weeks, just a day before the US is set to impose tariffs. This decision makes a mild concession to US hawks while signaling India's intention not to sever ties with Moscow. Sources reveal that Indian state-owned and private refineries, including major company Reliance Industries, are expected to purchase between 1.4 million and 1.6 million barrels of Russian crude oil per day during the shipping period in October and beyond. In contrast, India's average daily purchase of Russian crude oil in the first half of this year was 1.8 million barrels. Sources indicate that if India reaches a trade protocol with Trump and the US reduces pressure on India under the pretext of funding the Russia-Ukraine conflict, the purchase volume may be adjusted.
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