India is reducing its imports of crude oil from Russia, but mostly not because of the U.S. tariff threat for buying Russian oil. Economics have always been driving Indian refiners’ purchases, and the past few weeks haven’t been different.
Russia is scaling back imports of Russian oil as the price of Russia’s flagship Urals grade loaded in the Baltic ports has jumped and now nearly equals the prices of Middle Eastern crudes, whose availability has increased in recent weeks as flows through the Strait of Hormuz have rebounded,…