Indian refiners look to diversify crude sourcing

AS US President Donald Trump on Wednesday announced a 25% reciprocal tariff on the import of Indian goods, domestic oil marketing companies (OMCs) say they are awaiting the outcome of ongoing bilateral trade talks with the US, which could lead to lower tariffs.

- RAKESH KUMAR @ New Delhi

The oil refiners have said they have sufficient supply and can diversify their crude purchases upon receiving directives from the government. According to the officials, the companies are currently in a "wait and watch" mode, hoping that the trade talks will conclude favorably and that high tariffs may be reduced.