This was reported by Bloomberg, citing people directly familiar with the companies' purchase plans.

Companies such as Indian Oil Corp.

Bharat Petroleum Corp. and Hindustan Petroleum Corp. are planning to temporarily suspend spot purchases of oil in the next purchasing cycle until they receive clear instructions from the government. Sources close to the publication, who wished to remain anonymous, also said that this decision would affect purchases of Russian Urals crude in October.

The global oil market is focused on India's oil purchases following Donald Trump's decision to double tariffs on all Indian exports to the US as punishment for the country's refineries buying Russian oil. The publication notes that the new US tariffs on India, which have not yet affected China, should put pressure on Moscow to end the war in Ukraine. | BGNES