- Oil rises as India pledges to curb Russian energy imports
- WTI prompt-month futures rose $0.14 to $58.41/Bbl Thursday morning, rebounding from a five-month low after President Trump said Indian Prime Minister Narendra Modi had vowed to halt purchases of Russian barrels
- India currently buys roughly three times more oil from Russia than from the United States and would need to seek replacements from Middle Eastern suppliers if it fully ends those purchases
- The United Kingdom imposed sanctions on Russia’s largest oil producers, two Chinese energy companies, and Indian refiner Nayara Energy for handling Russian fuel
- Separately, US Treasury Secretary Scott Bessent told Japanese Finance Minister Katsunobu Kato that Washington expects Japan to stop importing Russian energy
- Japan, however, has said it will maintain Russian LNG purchases for energy-security reasons; about 8% of its LNG imports came from Russia last year.
- Iranian floating storage builds after US sanctions Chinese terminal
- Iranian floating crude inventories have surged after the US sanctioned a key Chinese import terminal last week, worsening the effects of weaker demand from China’s independent “teapot” refiners
- At-sea storage climbed to more than 31 million barrels since last week, the highest since mid-July, according to Kpler
- China remains Iran’s primary buyer, taking in over 90% of total Iranian crude exports
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