Indian refineries begin avoiding Russian oil in push for US trade deal, Reuters says

Indian oil refineries are avoiding purchases of Russian oil for delivery in April and are expected to refrain from such deals for longer.

Source: Reuters, citing its own sources

Details: This step may help New Delhi conclude a trade agreement with Washington.

The US and India took a step towards a trade agreement on Friday after unveiling a framework for a deal they aim to finalise by March, which would cut tariffs and expand economic cooperation.

Quote: "Indian Oil, Bharat Petroleum and Reliance Industries are not accepting offers from traders for Russian oil loading in March and April, said a trader who approached the refiners."

Details: Most other refineries have also stopped buying Russian oil.

Although a US-India statement on the trade framework does not mention Russian oil, US President Donald Trump cancelled 25% tariffs on Indian goods imposed over purchases of Russian oil, stating that New Delhi "committed to stop directly or indirectly" importing Russian crude.

New Delhi has not announced plans to stop importing Russian oil.

Background: India's Reliance Industries Ltd, operator of the world's largest refining complex, has begun purchasing crude from Venezuela.

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