Indian Oil to Reliance go easy on Russia crude oil as 50% US tariffs loom
Indian refiners, including Indian Oil Corp. Ltd. and Reliance Industries Ltd., are planning to trim their purchases in the coming weeks, a modest concession to Washington’s hawks less than a day ahead of a hike in US tariffs, but also a signal that the country has no plans to sever ties with Moscow.
The companies are expected to buy 1.4 million-to-1.6 million barrels a day for October loading and beyond, said people with knowledge of the matter who asked not to be identified because they’re not authorized to speak publicly. That compares with an average of 1.8 million barrels a day in the first half of the year.
