{"id":644,"date":"2025-08-01T04:05:23","date_gmt":"2025-08-01T04:05:23","guid":{"rendered":"https:\/\/tezgyan.com\/index.php\/2025\/08\/01\/indian-oil-psus-stop-buying-spot-russian-crude-amid-tariff-heat-economy-news\/"},"modified":"2025-08-01T04:05:23","modified_gmt":"2025-08-01T04:05:23","slug":"indian-oil-psus-stop-buying-spot-russian-crude-amid-tariff-heat-economy-news","status":"publish","type":"post","link":"https:\/\/tezgyan.com\/index.php\/2025\/08\/01\/indian-oil-psus-stop-buying-spot-russian-crude-amid-tariff-heat-economy-news\/","title":{"rendered":"Indian Oil PSUs Stop Buying Spot Russian Crude Amid Tariff Heat? | Economy News"},"content":{"rendered":"


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Indian state-owned oil refiners have paused spot purchases of Russian crude in the past week as discounts narrow<\/h2>\n
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Crude Oil<\/p>\n<\/figure>\n

Indian state-owned oil refiners have paused spot purchases of Russian crude in the past week as discounts narrow and geopolitical pressure intensifies, industry sources told Reuters<\/em> on Thursday.<\/p>\n

Government sources, however, told News18<\/em> that the move is driven primarily by economics rather than politics. \u201cWhen Russian oil was initially purchased, it was at a discount. That discount has ended, and oil companies are free to look for cheaper options,” one official said, adding that the shift \u201cshould not be seen as an attempt to please America.”<\/p>\n

India, the world\u2019s third-largest oil importer, has been the biggest buyer of seaborne Russian crude in recent months. But in the past week, four of its key state-run refiners\u2014Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL), and Mangalore Refinery and Petrochemicals (MRPL)\u2014have not placed fresh orders for Russian oil, sources familiar with their procurement plans told Reuters<\/em>.<\/p>\n

These refiners, which typically buy Russian barrels on a delivered basis, are now seeking alternative supplies in the spot market, including Middle Eastern grades such as Abu Dhabi\u2019s Murban and West African crude.<\/p>\n

Private refiners Reliance Industries and Nayara Energy continue to import Russian oil, but state-run refiners collectively account for over 60% of India\u2019s 5.2 million barrels per day refining capacity.<\/p>\n

The shift comes against the backdrop of renewed threats from US President Donald Trump. On July 14, Trump warned that countries continuing to buy Russian oil would face 100% tariffs unless Moscow agreed to a \u201cmajor peace deal” with Ukraine.<\/p>\n

On Wednesday, Trump went a step further, announcing a 25% tariff on all Indian goods starting August 1, along with an additional penalty on India\u2019s trade with Russia, including energy and defense purchases. \u201cI don\u2019t care what India does with Russia. They can take their dead economies down together, for all I care,” Trump said. \u201cIndia\u2019s tariffs are too high, among the highest in the world. All things not good! India will therefore be paying a tariff of 25%, plus a penalty, starting on August 1st.”<\/p>\n

India is currently the second-largest buyer of Russian crude after China. Russian oil\u2019s share in India\u2019s total imports has risen sharply from 0.2% before the Ukraine war to nearly 35\u201340% today.<\/p>\n

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Aparna Deb<\/a><\/p>\n

Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a…Read More<\/span><\/p>\n<\/div>\n<\/div>\n

Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a… Read More<\/span><\/p>\n<\/div>\n<\/div>\n

Stay updated with all the latest business news, including\u00a0market trends<\/a>,\u00a0stock updates<\/a>,\u00a0tax<\/a>, IPO,\u00a0banking finance<\/a>, real estate, savings and investments. Get in-depth analysis, expert opinions, and real-time updates\u2014only on News18. Also\u00a0Download the\u00a0News18 App<\/a>\u00a0to stay updated!<\/span><\/div>\n

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Last Updated:August 01, 2025, 09:34 IST Indian state-owned oil refiners have paused spot purchases of Russian crude in the past week as discounts narrow Crude Oil Indian state-owned oil refiners have paused spot purchases of Russian crude in the past week as discounts narrow and geopolitical pressure intensifies, industry sources told Reuters on Thursday. Government…<\/p>\n","protected":false},"author":1,"featured_media":645,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[45],"tags":[],"class_list":["post-644","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/tezgyan.com\/index.php\/wp-json\/wp\/v2\/posts\/644","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tezgyan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tezgyan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tezgyan.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tezgyan.com\/index.php\/wp-json\/wp\/v2\/comments?post=644"}],"version-history":[{"count":0,"href":"https:\/\/tezgyan.com\/index.php\/wp-json\/wp\/v2\/posts\/644\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tezgyan.com\/index.php\/wp-json\/wp\/v2\/media\/645"}],"wp:attachment":[{"href":"https:\/\/tezgyan.com\/index.php\/wp-json\/wp\/v2\/media?parent=644"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tezgyan.com\/index.php\/wp-json\/wp\/v2\/categories?post=644"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tezgyan.com\/index.php\/wp-json\/wp\/v2\/tags?post=644"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}