Indian oil firms to boost Russian crude imports this October
Indian oil companies are set to increase their Russian crude imports this October, drawn by bigger discounts—now up to $2.50 per barrel below global prices.
This move comes while trade talks with the US remain unresolved and follows a year where India significantly increased its Russian oil imports.
US tariffs on Indian goods
With Russia now India's top oil supplier after Western sanctions, Indian refiners are chasing deals but also looking to diversify by signing flexible contracts with Middle Eastern and African suppliers.
Meanwhile, the US slapped a 50% tariff on some Indian goods in August 2024 over these Russian purchases—though interestingly, China hasn't faced similar penalties even as it buys more Russian oil than anyone else.
For young Indians, it's a reminder of how global politics and energy prices can shape what happens at home.