India to increase Russian oil imports in September despite U.S. tariffs
Indian oil refineries plan to boost purchases of Russian crude by 10% to 20% in September, traders told Reuters on Aug. 28, even after the United States imposed new 50% tariffs on Indian imports.
Three industry sources involved in oil sales to India said the increase would amount to roughly 150,000 to 300,000 barrels per day, compared with August volumes.
According to analytics firm Vortexa, India imported about 1.5 million barrels per day of Russian crude during the first 20 days of August, slightly below the 1.6 million barrels per day average seen from January through June. Those imports account for roughly 1.5% of global supply and about 40% of India’s total oil needs, making New Delhi the world’s largest buyer of Russian oil.
The sources said Russia is expected to export more crude in September after damage to its refining capacity left fewer plants able to convert oil into fuel. Earlier this month, Reuters reported that Ukrainian strikes had knocked out at least 17% of Russia’s refining infrastructure.
On Aug. 27, U.S. President Donald Trump’s administration enacted 50% tariffs on Indian imports to the United States. When this hike was announced weeks earlier, Trump said it was done in order to dissuade India from financing Russia’s war machine through oil purchases.
U.S. Treasury Secretary Scott Bessent said on Aug. 19 that Washington viewed India’s growing Russian oil imports amid the Russo–Ukrainian war as unacceptable. Bloomberg reported that Indian state-owned refiners briefly halted Russian crude purchases in August in response to the announced tariffs but soon resumed them.
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