India’s state-owned oil refiners are pulling back from purchases of Russian crude for now, according to people with direct knowledge of the companies’ procurement plans, as Washington ratchets up the pressure on New Delhi over the flows with a wave of harsh tariffs.
Companies including Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp. plan to skip spot purchases of the crude in the upcoming buying cycle, until there’s clear government guidance, said the people, who asked not to be identified as they aren’t authorized to speak publicly. On Thursday, IOC bought five million barrels of oil ...
