India reduces December Russian crude oil orders and instead increases purchases of U.S. crude oil.

Jin10 Data, November 11th: Data shows that India has reduced its planned Russian crude oil imports scheduled for December, indicating that Western sanctions and trade negotiations with the United States have significantly impacted India’s procurement patterns. According to informed sources, five major Indian refineries have not placed any orders for Russian oil next month. The sources suggest that the cautious approach of Indian refiners may be partly due to trade negotiations between New Delhi and Washington. Trump stated on Monday that the two countries are “very close” to reaching an agreement. The sources say that as part of the negotiations, India has committed to purchasing more U.S. crude oil. This year, 36% of India’s crude oil imports came from Russia, but the looming global oil oversupply will make it much easier for India to find alternative sources.