US tariffs on Russian oil prompt India to look elsewhere
The US just doubled tariffs on Indian imports to 50%, aiming to punish India for buying sanctioned Russian oil since the Ukraine war began.
This move quickly changed where India gets its oil—refineries there started looking more toward the Middle East instead of Russia.
China increases Russian oil imports
With India pulling back, Chinese buyers swooped in and massively increased their orders for Russian Urals crude this October—almost 10 times more than last month, according to Argus Media.
In response, Russia cut its oil prices, creating a $7 per barrel difference between Urals and Oman's oil, which tempted Indian refineries back despite the high tariffs.
All this shows how global politics and price wars keep reshaping who buys what—and from whom—in the world's energy markets.