Indian state-owned oil refiners have paused Russian Oil purchases over the past week, as narrowing discounts and warnings from U.S. presidential candidate Donald Trump prompted caution, according to industry sources.
India, the world’s third-largest oil importer, remains the top buyer of Russian seaborne crude. However, state refiners — including Indian Oil Corporation (IOC), Hindustan Petroleum (HPCL), Bharat Petroleum (BPCL), and Mangalore Refinery and Petrochemicals (MRPL) — have not placed new orders for Russian oil recently, four sources told Reuters.
These companies, which typically procure Russian oil on a delivered basis, are now sourcing alternative supplies from the spot market, primarily from Middle Eastern producers like Abu Dhabi’s Murban and West African grades.
While private firms like Reliance Industries and Nayara Energy continue to lead in Russian oil imports, state-run refiners still account for over 60% of India’s 5.2 million barrels per day refining capacity.
Trump recently warned of imposing 100% tariffs on nations importing oil from Russia unless a significant peace deal with Ukraine is reached. Requests for comment from the refiners and India’s oil ministry were not immediately answered.
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