India Mandates Weekly Oil Purchase Updates from Refiners Amid Trade Talks with U.S.
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: Jan 02 2026- Increased Procurement Transparency: India's Prime Minister Modi's office has mandated that refiners provide weekly updates on oil purchases from Russia and the U.S., replacing the previous monthly reporting system, which aims to enhance control over energy trade data and facilitate trade negotiations with the U.S.
- Declining Russian Supply Expectations: Officials anticipate that Russia's crude oil supply to India will drop below 1 million barrels per day for the first time, a change that could impact India's energy security and market stability amid strained trade relations with the U.S.
- Trade Negotiation Context: Despite stalled trade talks due to tariff threats, the Trump administration is still looking to reduce the trade deficit with India, having raised tariffs on Indian goods to 50% last year, highlighting the complexity of bilateral relations.
- Market Reactions: On the first trading day of 2026, Brent crude stabilized around $61 per barrel and WTI slightly above $57, reflecting market responses to an 18% drop in 2025, while OPEC+ plans to maintain current production cuts to address global oversupply risks.
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.
