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According to a recent market analysis report, Indian refiners have recently restructured their crude oil import strategies, gradually reducing their reliance on Russia, which used to be their main supplier, while increasing purchases from the Middle East. This shift could help New Delhi reach a trade agreement with the United States to reduce tariffs. Since the Russia-Ukraine conflict in 2022, India has become the largest buyer of discounted crude oil shipped by Russia by sea, but this trade has come under pressure due to Western sanctions. According to industry sources, Indian refiners have begun reducing their purchases of Russian oil following government meetings aimed at accelerating the India-USA trade agreement. Trade data shows that India’s imports of Russian oil in December last year dropped to a two-year low, while the share of crude oil from OPEC reached a 11-month high. Specific adjustments include Bharat Petroleum, a state-owned refiner, having granted Toko a one-year contract to purchase crude oil from Basra in Iraq and Oman, and it is seeking to buy Murban crude oil from the UAE. In addition, Indian refiners have also increased their purchases of U.S. oil to partially replace Russian oil and reduce their trade deficit with the United States, while also seeking opportunities for Venezuelan crude oil. Market analysts believe that Middle Eastern oil-producing countries have ensured an adequate supply in the global market by virtue of the increased production quotas set by OPEC; coupled with the United States doubling import tariffs on Indian goods last year as a penalty for its heavy purchases of Russian oil, these factors have contributed to the diversification of India’s supply chain.