India

India’s refiners, among the largest buyers of Russian crude, are planning to reduce purchases to 1.4–1.6 mln bpd from October, down from 1.8 mln bpd in 1H25. The modest cut is seen as a concession to US pressure ahead of tariff hikes but signals India has no intention of cutting ties with Moscow. State-run and private firms, including Reliance Industries, are expected to maintain significant volumes despite reduced liftings.