India-US trade deal: Will refiners cut back on Russian oil imports and pause new orders? Here’s what we know
Indian refiners are likely to start cutting back on Russian crude oil imports once they fulfil current purchase orders, in order to align with the joint India-United States interim trade agreement announced last week, PTI reported on Sunday, citing sources.
US President Donald Trump announced that he would reduce reciprocal tariffs on India from 25% to 18% and remove the additional 25% “punishment” tariff imposed for buying Russian oil, based on India’s commitment to stop buying the barrels.
