India has reduced its oil purchases from Russia by half, Reuters reported on Friday quoting an official from the White House. The official told the news agency on Thursday that discussions with an Indian delegation in Washington this week have been “productive” and that Indian refiners were already cutting Russian oil imports by 50%.
However, the Ministry of External Affairs (MEA) said it was unaware of any such conversation between the two nations.
Market data contradicts Washington’s claims. Indian imports of Russian crude are showing no signs of slowdown in October, according to data from commodities analytics firm Kpler. Shipments are currently tracking at 1.8 million barrels per day (bpd), up sharply from 1.55 million bpd in September.
Russian crude remains structurally vital for India, accounting for roughly 34% of its total imports and offering compelling discounts that are too significant for refiners to ignore, the agency mentioned.
The landed India price for Urals reached parity to Dated Brent earlier this month, up from around $6-7/bbl discount in early September.
On Wednesday, US President Donald Trump said that Prime Minister Narendra Modi has agreed to halt India’s imports of Russian oil in an attempt to reach a final resolution in the ongoing trade talks between the two nations. The MEA, however, said that discussions are on to deepen bilateral energy ties, stopping short of confirming or refuting Trump’s claim.
Briefing reporters at the White House, Trump acknowledged that India could not stop the purchases of Russian oil “immediately”, adding that “it’s a little bit of a process, but the process is going to be over with soon”.
The MEA’s initial statement said, “where the US is concerned, we have for many years sought to expand our energy procurement. This has steadily progressed in the last decade. The current Administration has shown interest in deepening energy cooperation with India. Discussions are ongoing”.
“At this stage, it’s improbable that India will implement structural cuts purely to satisfy US and EU political pressure. If Washington intensifies pressure, Indian refiners could make a token reduction — on the order of 100–200 kbd — to demonstrate diversification and appease Western partners. However, these cuts would likely be symbolic rather than transformative,” Kpler said.
