India's largest oil refiner, the state-owned Indian Oil Corporation, has purchased at least 5 million barrels of crude oil from the United States and the United Arab Emirates amid increasing pressure from the US and Europe to reduce its reliance on Russian oil. This move reflects a broader shift in India's crude sourcing strategy, signaling a retreat from Russian barrels as refiners prioritize profit margins over geopolitical considerations. Former US President Donald Trump stated that he has heard India will cease buying oil from Russia. Trump also mentioned deploying submarines to ensure the safety of American citizens. Market analysts note that the backwardation in oil prices has deepened through 2027, with distillate margins weakening and speculative positions unwinding, placing focus on India, OPEC+, and the stability of the US-EU energy agreement.