Commodity traders should start paying more attention to India, according to the country’s oil and gas minister, as the world’s most populous nation moves into a new phase of growth that will require increased raw material consumption.

Indian refiners are reconfiguring their supply chains, including changing trading partners and insurers, to continue importing Russian crude oil while navigating US sanctions.

Indian Oil is buying Russian crude oil cargoes without the involvement of sanctioned entities and expects gasoline demand to grow 6-7% in the fiscal year 2026, the company's chairman said on Tuesday.

U.S. sanctions on Russia should not affect Moscow's oil trade with India, Pavel Sorokin, Russia's first deputy energy minister, said on Tuesday, adding that it was too early to assess the impact of the latest restrictions.

The oil tanker Cordelia Moon, carrying crude from a Russian producer, has come under US sanctions and has been drifting off India's west coast for two days, according to Bloomberg. The Cordelia Moon was scheduled to unload at Vadinar Port on February 9,

U.S. sanctions on Russia should not affect Moscow's oil trade with India, Pavel Sorokin, Russia's first deputy energy minister, said on Tuesday, while adding it was too early to assess the impact of the latest restrictions.

Indian Oil is purchasing Russian crude oil without sanctioned entities' involvement. The company anticipates a 6-7% growth in gasoline demand and 4% in diesel by 2026. However, petrochemical margins are expected to remain weak due to oversupply,