India Poised to Slash Russian Oil Imports After U.S. Trade Deal

Indian refiners are poised to halve imports of Russian crude oil following the U.S.-India trade deal, sources with direct knowledge of the oil procurement deals told Bloomberg on Monday. All state-controlled refiners in India have suspended purchases of Russian crude on the spot market since the announcement of the deal, according to Bloomberg’s sources. State-held Indian Oil Corporation and Bharat Petroleum Corporation Limited (BPCL), as well as the top private refiner Reliance Industries, have not made any…