Indian refiners had begun reducing Russian oil intake from November-December, analysis data showed. This was a result of heightened US sanctions on Russian energy companies, and the imposition of high tariffs on India, including a “penalty” over Russian oil purchases. The penal 25% tariff was removed by Trump in early February with the promise of a trade deal and a reported commitment from India to cut Russian oil intake. But February ended with Trump and Israel’s Benjamin Netanyahu launching a new war, on Iran, which led to a blockade of the Strait of Hormuz, a key oil-transport waterwar in the…
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