India's refiners reassess November Russian crude amid US tariff threat
Business
India's oil companies are rethinking their Russian crude buys for November after a new US bill threatened big tariffs on countries importing Russian oil.
Since India's been leaning on Russia to keep fuel prices in check and deal with supply hiccups from the Middle East, this move could shake up where India gets its energy.
Refiners scout suppliers despite tight markets
With possible tariffs reaching 100%, Indian refiners are already scouting for other suppliers, even though Russian oil is still cheaper than Middle Eastern grades.
But swapping sources isn't easy: global markets are tight, and tensions in places like the Strait of Hormuz make shipping tricky.
India wants to boost its overall oil imports, but these new sanctions might force a change in strategy.