INDIAN STATE-OWNED REFINERIES SUSPEND RUSSIAN OIL PURCHASES

Last week, Indian state-owned refineries stopped purchasing Russian oil, following discount cuts and a warning from US President Donald Trump not to purchase oil from Russia, industry sources said.

India, the world's third-largest oil importer, is the largest buyer of seaborne Russian oil.

The country's state-owned refiners—Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp, and Mangalore Refinery Petrochemical Ltd—showed no interest in Russian oil last week, four sources familiar with the refineries' purchase plans told Reuters.

IOC, BPCL, HPCL, MRPL, and the federal petroleum ministry did not respond to requests for comment.

The four refineries were regular buyers of Russian crude, but have now turned to spot markets to replace supplies, the sources said. They are primarily purchasing Middle Eastern crude, such as Abu Dhabi's Murban, and West African crude.

Private refiners Reliance Industries and Nayara Energy are India's largest buyers of Russian oil, but state-owned refineries control over 60% of India's total capacity, amounting to 5.2 million barrels per day.

On July 14, Trump threatened to impose 100% tariffs on countries buying Russian oil unless Moscow reaches a landmark peace deal with Ukraine.