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- WTI loses ground as OPEC+ members are expected to increase their production.
- President Trump reiterated that Indian Prime Minister Narendra Modi assured him India would halt purchases of Russian Oil.
- The data firm Kpler indicates that India’s imports of Russian Oil are expected to rise about 20% in October.
West Texas Intermediate (WTI) Oil price trims its recent gains from the previous session, trading around $57.00 per barrel during the Asian hours on Monday. Crude Oil prices face challenges amid concerns over rising global supply.
Last week’s International Energy Agency (IEA) report revealed expectations that the members of the Organization of the Petroleum Exporting Countries and its allies, including Russia, popularly known as OPEC+, may increase their production, citing its increase in projections for a market surplus.
Traders pay attention to further development on India’s decision to buy Russian Oil. US President Donald Trump reiterated on Sunday that Indian Prime Minister Narendra Modi assured him India would stop purchasing Russian Oil, while warning that New Delhi would face “massive” tariffs if it failed to comply, per Reuters.
On Thursday, a White House official said that India has cut its Russian Oil imports by half, but Indian sources have not witnessed any immediate reduction. Reuters also cited sources saying that Indian refiners have already placed orders for November loadings, including some scheduled for December arrival, suggesting that any reduction may only be reflected in import data from December or January.
The commodities data firm Kpler suggests that India’s imports of Russian Oil are set to rise about 20% this month to 1.9 million barrels per day, as Russia ramps up exports after Ukrainian drones hit its refineries.
