An oil refinery in Mumbai, India
Indian refiners prove their adaptability
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
India’s Russian crude imports recorded a steep decline in December, falling to 1.14m b/d compared with November’s 1.83m b/d, sending a clear message to Washington that New Delhi is keen for fresh trade deal. Doubts may linger while Russian crude remains India’s main draw, but the intention and direction of travel is now clear: Indian refiners are pivoting away from Russian barrels. December marked the lowest Russian import volumes since the implementation of the price cap policy in September 2015 and comes after six months of anxiety and anger after US President Donald Trump imposed a 50% tariff on Indian imports in a bid to wean the country off record purchases of Russian oil. US-India tr
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