India Scours the Globe for More Oil Ahead of Trump-Putin Summit

Refiners in India, the world’s top importer of seaborne Russian crude, are scouring the globe for alternative supplies, hedging their bets ahead of a summit between the US and Russian leaders.

President Donald Trump, eager to gain traction in talks with Vladimir Putin, has demanded that India stop purchases of cut-price crude and doubled tariffs on the country’s goods as punishment for imports he has said were fuelling “the war machine”. The move left refiners in the world’s third-largest oil consumer looking to switch up their procurement plans.