Trump Says Modi Told Him India Would Stop Russian Oil, India Denies

President Donald Trump has repeatedly said that Indian Prime Minister Narendra Modi told him New Delhi will stop buying Russian crude, a claim New Delhi has denied and one U.S. officials and Indian industry sources say is not yet reflected in shipments. Trump made the assertion in several public remarks last week, telling reporters that Modi had told him, "he's not going to be doing the Russian oil thing," and warning India it would face continued or increased tariffs if it did not curb purchases.

A White House official said talks in Washington this week have been productive and that Indian refiners have cut Russian oil purchases by about half. Indian government spokesmen and industry sources contradicted that, saying New Delhi had not informed refiners of any request to reduce imports and that many buyers had already placed orders for November loading, with some cargoes scheduled to arrive in December. Analysts said any declines in imports tied to new policies would likely begin to show up in December or January data.

Independent shipping and commodities data firm Kpler estimates that Russian supplies accounted for roughly 1.6 million barrels per day, or about 34 percent of...