- Oil slips as Trump threatens more tariffs on India
- The WTI prompt-month contract fell $0.87 to $65.42/Bbl Tuesday morning (7:45 AM CT)
- President Trump said he would be “substantially raising” tariffs on India for its large purchases of Russian crude
- The US is threatening secondary sanctions on countries that purchase Russian energy to get Moscow to end its war in Ukraine
- US Special Envoy Steve Witkoff is expected to visit Moscow on Wednesday
- India has defended its purchases of Russian crude, saying criticism from the West is “unjustified and unreasonable”
- According to Bloomberg, top aides for Indian Prime Minister Narendra Modi will travel to Russia in the coming days
- China’s Iran imports fall in July (Kpler)
- China’s imports of Iranian crude contracted by nearly a third in July, partly due to muted demand from private refiners
- China is typically the top importer of US-sanctioned Iranian crude, with private refiners, known as teapots, tend to be the largest takers
- BP says crude supply outside of OPEC to stall (Bloomberg)
- CEO, Murray Auchincloss, says non-OPEC supply will “largely see going flat” after February or March next year
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