“Unofficial” visit, seeking to establish agreements that could undermine Western sanctions designed to restrict Russia’s access to critical energy technology.
Nayara is a major player in India: its refinery of about 400,000 barrels per day accounts for 8% of the country’s processing capacity, and its network of filling stations covers roughly 7% of the retail fuel market.
This marks a shift in global oil trade as President Donald Trump ramps up pressure on India over its purchases of Russian oil.
According to Bloomberg, tankers that were previously bound for China are increasingly diverting toward India, where refiners are ramping up purchases of Russian crude.
Under the terms outlined by Mr Trump, the so-called “reciprocal” tariff on Indian exports to the United States will fall from 25% to 18%.
The restrictions, which came into effect on November 21, immediately jolted oil markets: traders and analysts are trying to understand how deeply these measures will reshape global supply chains and demand structure.
The state-owned Indian Oil Corporation (IOC), India’s largest oil refiner, has announced a tender for crude oil deliveries scheduled for early next year.
According to Bloomberg, which cites people familiar with the matter, the decision by Indian refiners was influenced by U.S. sanctions and ongoing trade talks between New Delhi and Washington.
Six senior executives from India’s state-owned oil refiners admitted that the president’s remarks caught them off guard.
Despite political pressure from President Donald Trump directed at key importers — India, Turkey, Hungary, and Slovakia — these countries are in no hurry to abandon Russian crude.
The recovery was enabled by government support, settlement workarounds, and a shift from exports to the domestic market.
The initiative came during the U.S. president’s video call into a meeting of senior U.S. and EU officials in Washington, where they discussed ways to raise the cost of the war for Moscow.
The leaders of China, Russia and India appeared before the press holding hands and pledging deeper cooperation—a gesture aimed not only at participants of the gathering but also at Washington.
