Indian company Reliance does not expect Russian oil supplies in January – Reuters

India's Reliance Industries said it does not expect to receive any Russian crude oil in January. The decision could significantly reduce India's total Russian oil imports to the lowest level in years. About this reported Reuters agency.

Reliance operates the world's largest oil refinery in Jamnagar and was India's largest buyer of Russian oil last year. The company said the refinery had not received any shipments of Russian crude in the past three weeks.

Reliance's statement came after US President Donald Trump warned of possible higher import tariffs on India for buying Russian oil. Last year, the US already doubled tariffs on Indian goods to 50% in punishment for large volumes of imports from Russia.

India's imports of Russian crude are likely to fall below 1 million barrels per day. In December, supplies had already fallen to a three-year low of around 1.2 million barrels per day, down 40% from around 2 million barrels per day in June.

According to the analytical company Kpler, stricter US and EU sanctions have slowed the flow of Russian oil to India.

With Reliance suspending purchases, supplies of Russian oil in January will be limited to Nayara Energy and state-owned refineries Indian Oil Corp and Bharat Petroleum Corp.

Nayara Energy, which operates a 400,000-barrel-per-day plant, could become India's main buyer of Russian oil.

• Russian crude oil supplies to India in December 2024 fell to its lowest level since November 2022, reaching about 1.1 million barrels per day.