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Trump’s Russian oil threat pushes India to seek alternatives
Indian refiners have rushed back to the market to seek crude supply after President Donald Trump’s threat of more penalties against Russia raised concerns over potential disruptions to oil flows.
State-owned Bharat Petroleum Corp. and Hindustan Petroleum Corp. are seeking additional supplies for May arrival from regions such as the Middle East, North Sea and Mediterranean, said people familiar with the matter. The trading cycle for barrels delivered next month is typically concluded in early March.
On Sunday, Trump raised the prospect of so-called secondary tariffs on buyers of Russian oil if President Vladimir Putin refused a ceasefire with Ukraine. The comments drove benchmark futures higher, with West Texas Intermediate surging 3.1% on Monday, the biggest gain in almost 11 weeks.
The Indian refiners are seeking non-Russian supplies from the spot market to reduce their reliance on the OPEC+ member following Trump’s threat, said traders who received the tender notifications, asking not to be identified because they are not authorized to speak publicly.
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