India is now staring at the possibility of an oil shock after the U.S. decided to implement sweeping sanctions on Russia's oil industry.

Following Russia's invasion of Ukraine in 2022, India became a major buyer of Russian crude oil that was widely sanctioned by the West. That may be about to change.

Bessent’s statements at the hearing, during which he spoke on a range of issues, constituted a comprehensive presentation of the incoming administration’s plans for the US economy.

Indian Oil Corp (IOC), the country's top refiner, has bought 7 million barrels of spot Middle Eastern and African crude oil via tenders, including a rare purchase of Abu Dhabi's Murban, as U.S. sanctions are expected to hit supplies from Russia,

Indian Oil Corp is buying Middle Eastern and African crude to replace Russian volumes affected by U.S. sanctions.

Chinese and Indian refiners are seeking alternative supplies of crude as new U.S. sanctions on Russian producers and tankers are set to be the most effective yet in curbing shipments to Moscow's biggest customers,

It is India's first tender for sour crude imports since March 2022. IOC and other Indian refiners have significantly increased purchases of Russian oil over the past two years, taking advantage of discounted prices after the West imposed sanctions on Moscow over its full-scale invasion of Ukraine in 2022.