Separately, Indian Oil Corp, the country’s top refiner, will continue to buy Russian oil depending on economics, the company’s head of finance Anuj Jain told an analyst meeting on Monday.
Jain said his company’s Russian oil processing in the June quarter was about 24 per cent compared to an average 22 per cent in 2024/25.
He said purchases for the September quarter were continuing and the discounts on Russian oil were in the range of US$1.50 per barrel to the Dubai benchmark.
Longtime rivals China and India are quietly and cautiously strengthening ties against the backdrop of Trump’s unpredictable approach to both.
Indian Prime Minister Narendra Modi is set to meet Chinese President Xi Jinping at the end of the month while Chinese Foreign Minister Wang Yi will visit India from Monday for talks on the disputed border between the two countries.
A planned visit by US trade negotiators to New Delhi from Aug 25-29 has been called off, a source said over the weekend, delaying talks on a proposed trade agreement and dashing hopes of relief from additional US tariffs on Indian goods from Aug 27.
