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Two US officials are coming to India to urge India to maintain the implementation of oil price cap. In 2023, Russia had emerged as India's top oil supplier. India has strong economic and defence ties with Russia and has refrained from criticising Moscow over its war with Ukraine.

Russian Oil: Two US officials are coming to India to urge India to maintain the implementation of oil price cap. In 2023, Russia had emerged as India's top oil supplier. India has strong economic and defence ties with Russia and has refrained from criticising Moscow over its war with Ukraine.

The price of the Indian basket of crude oil is meant to largely represent the cost of the country’s crude imports

Price cuts would typically draw higher demand, but some of the multiple sources said refineries had already completed purchases for February-loading cargoes and planned their production runs, leaving little room to lift more Saudi oil.