The Oct’25 Brent Futures contract has seen a weak morning, trading down from around $68.50/bbl to $67.69/bbl, where it prints at the time of writing (11:25 BST). In headlines Indian refiners are expected to trim near-term Russian oil purchases as the US prepares to double tariffs on Indian goods to 50% from August 27, in response to India’s imports of Russian crude. Reliance Industries, Nayara Energy, and state-run refiners are projected to book 1.4–1.6 mb/d of Russian crude for October loading, down from the Q1 average of 1.8 mb/d. The drop in Russian oil buying could be a slight concession to the US tariff pressure, but it’s also a sign that Indian refiners don’t intend to halt the economics-driven trade to buy cheap crude, as noted by Bloomberg. Recently, state-owned refiners like IndianOil and BPCL paused October spot purchases after Washington announced an additional 25% tariff, though some have since returned as discounts deepened. Separately, India’s crude oil production in July fell 0.7% y/y to 568 kb/d. India’s crude processing rose 3.2% y/y in July to 23.3 million metric tons, with state and JV refiners handling 15.8 million tons and private refiners 7.5 million tons. Imports supplied the bulk at 20.9 million tons, compared with 2.4 million tons from domestic output, though overall crude imports were still down 4.3% y/y, according to the Petroleum Planning and Analysis Cell. At the time of writing, the front (Oct/Nov) and 6-month (Oct/Apr) spreads are at $0.55/bbl and $1.60/bbl, respectively. … Overnight & Singapore Window: Brent Falls to $67.69/bblRead More »Download report
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