Modi's Oil Strategy: Is India Rethinking Its Russian Crude Imports?

Following several months of increased imports of Russian crude by India, the trend may finally begin to wane as it stockpiles enough to meet the country’s demand. India has favoured Russian crude in recent months due to its discounted prices, making its oil much cheaper than Middle Eastern alternatives. But moving out of peak season, India’s oil demand is expected to fall over the coming months before rising again next year. Further, Russia is expected to reduce its oil exports in line with fellow OPEC+ member Saudi Arabia’s voluntary…