Discounts double! Indian refiners to step up Russia crude oil imports in coming months; increase despite Trump pressure

India is set to ramp up imports of Russian crude in the coming months at a time when the US has imposed 25% additional tariffs on it for Russian oil trade. Indian refiners plan to increase Russian oil imports in upcoming months even as trade discussions with the US continue and wider discounts are offered by Russia amidst sufficient supply availability.In August, the Donald Trump administration announced 50% tariffs on US imports of Indian products, aiming to reduce New Delhi’s Russian oil purchases, whilst avoiding similar measures against China, another significant consumer.India maintained its stance that purchases are price-based and would continue, whilst expressing interest in procuring additional US energy during ongoing discussions with Washington.

India’s Love For Russian Crude

According to a Bloomberg report, the November loading of Urals crude offers discounts of $2-to-$2.50 per barrel against Dated Brent, presenting an attractive proposition. These rates are more favourable compared to July-to-August discounts of approximately $1 per barrel, when availability was limited as Moscow focused on domestic market requirements.Vessel tracking information indicates increased volumes for the present month. Russian crude imports could reach approximately 1.7 million barrels daily in October, based on Kpler Ltd. data. This represents a 6% increase from the previous month, whilst remaining marginally below the previous year’s levels.Indian refiners’ future stance on purchasing discounted Russian crude remains uncertain, considering ongoing discussions with the US, the Bloomberg report said. Despite Washington’s insistence on halting Russian oil imports, Indian officials characterised recent meetings as “constructive” last month.Concurrently, state-owned processors in India have initiated discussions with Middle Eastern and African national oil companies regarding term agreements for 2026. Sources quoted in the report indicated that refiners aim to secure increased volumes from suppliers offering flexibility, including options to resell or optimize cargo arrangements should Russian imports become more feasible.