New Delhi, Aug. 23 -- Facing heightened tariff pressures from the US and seeking to diversify its energy sources, India is stepping up efforts to expand crude oil trade with Brazil, according to S&P Global Commodity Insights.
While Russian crude continues to flow into the country, Indian refiners are increasingly turning to Brazilian barrels.
Both India and Brazil face a 50 percent tariff on exports to the United States-the highest among major economies-creating strong incentives for the two nations to strengthen bilateral energy cooperation.
Indian Oil Corp. and Reliance Industries have emerged as the main buyers of Brazilian crude this year. Data compiled by S&P shows that medium-sweet grades such as Lula/Tupi, Sepia, and Atapu were ...
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