India increases purchases of American crude oil at competitive prices, narrowing the trade surplus with the U.S.

Jin10 data reported on August 29 that, according to trade sources, Indian refiners have increased their purchases of U.S. crude oil this month due to competitive pricing, a move that may help narrow India’s trade surplus with the U.S. amid strained India-U.S. relations. Trade sources say that India’s largest refining company, Indian Oil Corporation, has purchased 5 million barrels of WTI crude oil through a tender, which will be delivered in October and November. Previously, another state-owned refining company, Bharat Petroleum, purchased 2 million barrels of U.S. WTI crude oil, while the private refining company Reliance Industries bought 2 million barrels of WTI crude oil from Vitol.