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India's crude oil imports fall to lowest since February
India's crude oil imports dropped by 8.7% in July 2024, hitting their lowest point since February at 18.56 million tons.
Fuel use also slipped by 4.3% compared to last month, showing that overall energy demand is cooling off a bit.
Refined oil product imports down 12.8%
Refined oil product imports fell even further—down 12.8%—as India braces for new US tariffs (up to 50%) on Indian goods linked to Russian oil deals, kicking in from August 27, 2024.
Still, Indian Oil and Bharat Petroleum are back to buying discounted Russian oil, while Nayara Energy is finding alternative routes despite EU sanctions.
Trade talks with the US are on the table, with officials stating they will approach the relationship with a "very open mind."