Trump says India has largely stopped buying Russian oil

U.S. President Donald Trump said that India has “largely stopped buying oil from Russia,” responding to a journalist’s question at the White House about his contacts with Indian leadership.

He added that he had received an invitation to visit India and intended to accept it.

According to Reuters, Russia has increased its oil discounts for China and India. The price gap between Russian Urals and Brent crude widened to about $4 per barrel for December deliveries — the biggest discount in a year.

Foreign media reported that Russia’s oil-related tax revenues fell by 27% in October compared with a year earlier, with the rate of decline continuing to accelerate.