Russia to Boost Oil Exports to India in September Despite U.S. Pressure — Reuters

Russia will increase oil shipments to India in September, traders told Reuters, despite mounting U.S. pressure. Indian refineries are expected to raise purchases of Russian crude by 10–20% compared to August — an additional 150,000–300,000 barrels per day, Orda.kz reports.

Russian exporters are selling Urals crude for September delivery at a discount of $2–3 per barrel to Brent, wider than August’s $1.5 discount — the smallest since 2022. The push comes as several Russian refineries close for maintenance, while Ukrainian drone strikes have recently hit 10 plants, disabling up to 17% of Russia’s refining capacity.

Reportedly, India imported an average of 1.5 million barrels per day of Russian oil in the first 20 days of August, steady with July but slightly below the January–June average of 1.6 million.

India remains Russia’s biggest seaborne oil buyer, meeting almost 40% of its crude demand.

President Donald Trump signed an order in early August imposing 25% tariffs on Indian goods, and an additional 25% — linked to India’s Russian oil purchases — came into force on August 27. Meanwhile, the EU introduced a $47.60 per barrel price cap on Russian seaborne oil starting September 2.

Analysts say the real impact of tariffs and sanctions will be felt on shipments arriving in October.

Still, Sumit Ritolia of Kpler noted:

Brokerage CLSA similarly forecast a low probability of India halting imports without a global ban, warning that such a move could cut world supply by 1 million bpd and push oil prices close to $100 per barrel.