Indian refiners are currently finalizing the November crude oil arrival schedule. A comprehensive US sanctions bill was officially signed into effect last week, adding the risk of punitive tariffs. Indian refiners may cut Russian crude oil purchases. India is the world's third-largest importer of crude oil. In recent months, in response to high oil prices and continued disruptions in Middle Eastern crude oil supply, more than half of India's crude oil imports came from Russia. However, people familiar with the matter who participated in related negotiations said that in the past few days, India's leading refining companies have begun to seriously search for alternative oil sources. Since the relevant negotiations have not yet been made public, people familiar with the matter requested anonymity. This new US bill gives President Donald Trump the power to levy tariffs on countries that buy Russian crude oil, and India is among them. India is the largest buyer of Russian marine crude oil. The country faced similar tariffs last year, and subsequent tariffs were abolished.

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