Indian refiners are preparing for a potential reduction in Russian oil imports as a US waiver set to expire this weekend nears. Geopolitical tensions tied to the Iran war have disrupted Persian Gulf supplies, pushing India toward more Russian crude in recent weeks—making the waiver’s end a high-stakes moment for sourcing and costs.
Even with crude hovering around USD 100, India is less rattled than in the past. The country still imports close to 90% of its crude, but today’s economy requires far less oil to generate growth. Shifts in energy efficiency, demand patterns, and the structure of spending mean higher prices translate into smaller economic shocks than before.
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