EU Imposes Price Cap on Russian Crude as India Increases Imports
India will import 150,000–300,000 barrels/day of Russian oil next month Russian crude prices dropped $2–$3 per barrel vs. Brent after Ukrainian drone attacks India imported 1.5 million barrels/day of Russian oil in early August Cheaper Russian oil helps India's refiners cut costs and boost production U.S. tariffs on Russian oil rose to 50% under Trump Stopping Indian purchases could reduce global oil supply by 1 million barrels/day EU imposes $47.60 per barrel price cap on Russian crude starting September 2.