India has reduced imports of Russian oil to a minimum since 2022
This was reported by Bloomberg.
According to the agency, Indian oil refineries have suspended new contracts for Russian oil supplies. They are awaiting clarification from the Indian government on its future policy of cooperation with Russia.
Russian oil imports to India have fallen to around 1.2 million barrels per day. This is the lowest figure since the end of 2022, according to analytical companies.
Due to reduced purchases, millions of barrels of Urals crude oil remain in tankers on the high seas or are being redirected to other countries, including China and Singapore. Russia is forced to offer discounts of up to $20 per barrel compared to Brent crude oil.
At the same time, leading Indian companies, including Indian Oil and Bharat Petroleum, have begun to look for alternative suppliers. They are refocusing on oil from the Middle East and announcing tenders for supplies in April and May.
The reduction in purchases is linked to uncertainty about trade relations between India and the US following the US Supreme Court's decision to overturn the president's use of emergency powers to impose tariffs. This has affected negotiations on trade and energy import terms.
Earlier, US President Donald Trump announced the possibility of reducing tariffs on Indian goods in exchange for reducing imports of Russian oil.
