Refiners don't see supply risk even as US targets Russian oil

India's oil refiners do not see any risk to well-diversified crude supplies after US President Donald Trump imposed a penalty on the country for buying Russian crude, in addition to a 25% tariff, according to two people in the know.

- Rituraj Baruah & Dhirendra Kumar

An immediate diversion of Russian crude is not expected, given that shrinking discounts have brought down purchases, the people said on the condition of anonymity. The Union petroleum ministry is confident that supplies would not be an issue for India as its import basket is diversified with 40 countries exporting oil to the country, they said.

"Currently, the government and the oil refiners are in a wait-and-watch mode. There is a hope that the bilateral trade talks would conclude on a favourable note and the high tariff may come down," said an official with a state-run refiner.