Indian oil, BPCL resuming Russian oil, amid expanded discounts: Report

Government refineries in India, the Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Ltd (BPCL) have resumed Russian oil purchases to connect September and October after the extensive discounts, and Reuters quoted company officials. The return of Indian refineries to Russian crude can reduce the supplies available to the best buyer of China, which increased purchases during the absence of India.

Refining refineries stopped Russian oil imports in July due to narrower discounts and amid criticism from Washington about the continued trade of India with Moscow. US President Donald Trump threatened to impose an additional 25 % tax on Indian goods, as of August 27, to punish New Delhi for its purchases of Russian crude.

According to officials, the discounts on the leading Urals in Russia have now expanded to about $ 3 a barrel, making them attractive to Indian refineries again. In addition to Orlers, IOC bought other Russian crude degrees, including Varande and Siberia Light.

The United States has repeatedly claimed that Russian oil purchases in India indirectly funded the war in Ukraine. Recently, White House Trade Adviser Peter Navarro in the Financial Times wrote that India is working as a global profession for Russian oil, and converting banned crude into high -value exports while providing Moscow to the dollar, which is needed.

On Monday, IOC confirmed that it will continue to determine the sources of Russian oil, describing it as a “decision of action”, given the company’s strong dependence on the reduced Russian crude.

IOC revealed that 22 % of its raw supply in the fiscal year 2024-25 came from Russia. In the 26th fiscal year and the current quarter, the share increased to about 24 %. The company also made it clear that it had not received any official direction from the Indian government regarding Russian oil colds. IOC said: “We are not required to buy and are not required to not buy. We are not making additional efforts to increase or reduce the share of Russian crude,” IOC said.

Currently, IOC secures Russian crude with $ 1.5 a barrel for Dubai standards. According to Reuters, the company also plans to capitalist expenses of 34,000 rupees in the 26th fiscal year, with two main projects on the matrices in Banibat, Haryana and Faddara, Gogarat.

Russia reaffirms the oil supplies of India

Earlier in the day, an official at the Russian embassy in New Delhi said that Moscow will continue to provide oil to India and confirmed that President Vladimir Putin will meet Prime Minister Narendra Modi in the capital before the end of the year.

“Russia has a” very special mechanism “to ensure oil supplies without interruption to India. He added that Indian raw imports from Russia will remain at the current levels.

Meanwhile, the United States confirmed its plan to impose an additional 25 % tariff on Indian exports starting from August 28, citing the growing imports of New Delhi from Russian oil since Western sanctions imposed on Moscow. However, Washington stopped imposing a similar tariff on China, despite its similar purchases for Russian crude.

Last month, the European Union, the Russian -backed Nayara Energy Refinery, backed by Russian -backed Russian, prompt it to expand the scope of treatment while commercial partners played down from participating with the company.