India Continues Russian Oil Purchases While Seeking US Tariff Relief
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
- Oil Import Dynamics: India's Russian crude imports fell to 1.24 million barrels per day in December, a decrease of 595,000 barrels from November, although state refiners maintained steady purchases, indicating ongoing demand for Russian oil despite sanctions.
- Policy Pressure: The U.S. has pressured India to scale back its Russian oil purchases, arguing that these sales help Moscow mitigate Western sanctions related to the Ukraine war, although analysts note that India's buying pattern has not collapsed.
- Market Reaction: U.S. West Texas Intermediate crude prices dropped by 1.37% to $56.35 per barrel, while Brent crude futures fell by 1% to $60.09 per barrel, reflecting global market concerns over Russian oil supply amid geopolitical tensions.
- Future Outlook: Rystad Energy forecasts that India's Russian crude imports will rebound to 1.8 million barrels per day in January, suggesting that despite external pressures, India will continue to rely on Russian energy supplies to meet domestic demand.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
