India defies Trump, will keep buying Russian crude
August 4, 2025
The Baker Hughes Rig Count shows oil rigs are down five to a total of 410. Last year, there were 482 oil rigs in operation. Interestingly, oil rigs have fallen to a four-year low while natural gas rigs have risen to a two-year high.
Energy prices had a significant decline on Friday as traders took profits and the news of the latest U.S. tariffs hit the wire overnight.
OPEC+ has agreed to bring back the remaining barrels of their voluntary cuts starting in September. Now OPEC+ plus need to perform and show evidence of the cuts being unwound. This news from OPEC+ just adds more uncertainty to the markets and it is a head wind for prices, but the economic uncertainty could lessen energy demand and keep this market stuck in congestion.
From Reuters: China’s Independent oil companies are ramping up operations in Iraq, investing billions of dollars in OPEC’s number two producer even as some global majors have scaled back from a market dominated by Beijing’s state-run firms.
Crude oil, both WTI and Brent, were up last week but overall, both are still near the middle of a range we have seen for some time now and the congestion in the market and the uncertainty looks to continue.
India says it will keep buying Russian crude oil despite President Trump saying he will put secondary tariffs on any country that buys Russian crude.