Some Indian oil refineries are preparing to reduce imports of Russian crude oil after US President Donald Trump said that India had assured him of its intention to stop purchases to help end the war in Ukraine.

Source: Reuters, citing unnamed sources

Details: India and China are the largest buyers of Russian seaborne oil, having taken advantage of the discounts Moscow was forced to offer after losing access to the European market following its 2022 invasion.

Sources say Indian refineries are preparing to move away from Russian oil, with reductions in imports possible as early as December, as orders for November have already been placed.

The refinery officials said they have not received a formal government directive to stop buying Russian oil but confirmed that internal preparations are under way.

Background: Oil prices rose by 1% on 16 October after Trump said that Indian Prime Minister Narendra Modi had promised to stop buying oil from Russia, a move that could reduce global supply.

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