India's Oil Deal with Russia Put on Hold
The ongoing global uncertainties have paused India's plans to secure a long-term deal for Russian oil. Indian Oil Corporation (IOC), the country’s largest oil refiner, is not currently in talks with Russian companies like Rosneft, according to Chairman Arvinder Singh Sahney. Instead, IOC is keeping a close watch on the evolving situation regarding tariffs and sanctions before making any commitments. While spot contracts are currently being used for Russian oil, the company remains open to long-term contracts with new suppliers. India, heavily reliant on oil imports, is exploring options to increase purchases from the U.S. if it is commercially viable.
