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Cryptopolitan 2026-01-02 15:38:28

India is dealing with tariff threats and failed negotiations with Washington

India is dealing with tariff threats and failed negotiations with Washington

India is pressuring its oil refiners for weekly updates on purchases from Russia and the United States, as New Delhi tries to move forward on a stalled trade agreement with President Donald Trump’s White House, according to Reuters. Officials now allegedly expect Russia’s crude oil supply to India to drop below 1 million barrels per day for the first time in months. The decision to demand tighter oil reporting came from Prime Minister Narendra Modi’s office, with the Ministry of Petroleum’s Petroleum Planning and Analysis Cell (PPAC) relaying the instructions to refineries nationwide. This is the first time India has ever required weekly purchase disclosures, replacing the older system that relied on monthly customs figures and private sector trackers. Modi’s government wants tighter control of energy trade data while it tries to cool tensions with Washington. India is dealing with tariff threats and failed negotiations with Washington Trump had already been looking for ways to cut the U.S. trade deficit with India when he returned to power. Last year, he doubled tariffs on Indian goods to 50% after India increased its intake of Russian barrels. Those punitive steps came while both countries were in early negotiations for a bilateral trade deal. But talks fell apart in late July 2025, after India refused to open its market to U.S. farm exports and didn’t publicly recognize Trump’s involvement in resolving a border flare-up with Pakistan. Yet despite the rocky road, Trump and Modi have kept communication open, and trade discussions are back on the table, though India’s Russian oil addiction remains the biggest elephant in any room the boys are. To make matters worse, Russia is locked in a maritime standoff with the U.S. over a vessel named the Bella 1. The ship had reportedly started its journey in Iran and was on its way to collect oil from a South American country, but was intercepted by the U.S. Coast Guard. The New York Times reported that Russia has filed a formal diplomatic request asking Washington to back off and end the pursuit across the Atlantic Ocean. The U.S. accounted for 6.6% of Indian crude imports in 2025, Kpler data showed. Russia supplied 35%. Meanwhile, on the first trading day of 2026, Brent crude stabilized around $61 per barrel, and West Texas Intermediate stayed slightly above $57, both struggling to recover from an 18% drop in 2025, which was the steepest fall since 2020. OPEC+ members, led by Saudi Arabia, are preparing for a January 4 virtual meeting, where they’re expected to maintain current production cuts, according to a press briefing on Friday. The International Energy Agency (IEA) has predicted that the world could face a glut of 3.8 million barrels per day this year. Get seen where it counts. Advertise in Cryptopolitan Research and reach crypto’s sharpest investors and builders.

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