Many Indian refineries are cautious and have not purchased Russian crude oil arriving in December.

India has reduced its purchase of Russian crude oil arriving in December, showing that Western sanctions and trade negotiations with the United States are having a significant impact on its purchasing patterns. According to anonymous sources familiar with the sensitive transaction, India's five large refineries have not placed orders for Russian crude oil for next month. Typically, crude oil transactions for the following month should be completed by the 10th of the current month. According to data from Kpler, this year, five refineries in India - Reliance Industries Limited, Bharat Petroleum Corporation, Hindustan Petroleum Corporation, Mangalore Refinery and Petrochemicals Limited, and HPCL-Mittal Energy Ltd. - account for two-thirds of the oil imported from Russia. The caution of these companies may be related to the trade negotiations between New Delhi and Washington. Trump stated on Monday that the two countries are close to reaching a trade agreement. According to sources, India has promised in the negotiations to purchase more crude oil from the United States.