{"id":87205,"date":"2026-01-28T00:00:00","date_gmt":"2026-01-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/mena-india\/2026\/01\/28\/this-afternoon-us-links-russian-oil-to-india-tariff-talks-as-urals-crude-trades-at-wider-markdown\/"},"modified":"2026-01-28T00:00:00","modified_gmt":"2026-01-28T00:00:00","slug":"this-afternoon-us-links-russian-oil-to-india-tariff-talks-as-urals-crude-trades-at-wider-markdown","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/mena-india\/2026\/01\/28\/this-afternoon-us-links-russian-oil-to-india-tariff-talks-as-urals-crude-trades-at-wider-markdown\/","title":{"rendered":"THIS AFTERNOON: US links Russian oil to India tariff talks as Urals crude trades at wider markdown"},"content":{"rendered":"

Good afternoon, friends.<\/strong> A long-awaited trade pact is setting the scene for the India-MENA corridor this week amid rising geopolitical tensions.<\/p>\n

The mother of all pacts has landed,<\/strong> as India and the EU finally inked a long-awaited FTA. We deconstruct the gains, concessions, and the long-term outlook with inputs from former IMF economist Charan Singh, who views the pact as a harmonizing counterpoint in an increasingly protectionist world.<\/p>\n

Meanwhile, Washington is still keeping India on a short leash.<\/strong> US Trade Representative Jamieson Greer says New Delhi has \u201cmore ground to cover\u201d on Russian oil before any tariff relief. Consequently, the 50% duties are here to stay, for now.<\/p>\n

Over in Saudi Arabia,<\/strong> Indian construction giant L&T landed a major extension contract for the Riyadh Metro, as Indian construction firms solidify their presence in Gulf megaprojects.<\/p>\n

All of that and more, below.<\/p>\n

Watch this space <\/p>\n

<\/a> TARIFFS \u2014 <\/strong>India<\/strong> has more ground to cover to secure any<\/strong> tariff relief from the US<\/strong>, with US Trade Representative Jamieson Greer flagging continued concerns over New Delhi\u2019s purchases of reduced-price Russian oil. While India has made \u201ca lot of progress,\u201d weaning off Russian barrels remains difficult given pricing incentives, Greer told Fox News<\/a>.<\/p>\n

Why it matters: <\/strong>Sustained pressure from the US could prompt Indian refiners to further slash Russian crude inflows, allowing a greater market share to MENA producers. <\/p>\n

While India has slashed Russian crude imports to their lowest levels in years<\/strong>, the comments suggest any leeway to lower the 50% tariffs on Indian goods remains distant. Russian crude is expected to hold a significant share of India\u2019s imports into 2026, complicating trade talks, Bloomberg<\/a> reports, citing analysts.<\/p>\n

\u201cIndia is going to have a heyday with this,\u201d<\/strong> Greer said, acknowledging India\u2019s gains from the newly signed India-EU FTA through expanded market access and labor cost advantages. He framed Europe\u2019s renewed push for globalization as a contrast to Washington\u2019s more protectionist stance to fix problems attributed to it.<\/p>\n

\n

\n

<\/a> OIL<\/strong> WATCH \u2014 <\/strong>Russian Urals crude is trading close to its widest markdowns to dated Brent in Indian ports since 2022.<\/strong> February-loading Urals cargoes are being offered at a markdown of USD 10 \/ bbl, up to USD 5 \/ bbl cheaper compared to 2024, Reuters<\/a> reports, citing trading sources. <\/p>\n

Why it matters: <\/strong>Indian state-run refiners have been tilting back toward Middle East<\/a> crude as US pressure over Russian purchases intensifies \u2014 meaning Gulf producers are closely watching Urals pricing shifts as they compete for a share in one of the largest oil demand centers globally.<\/p>\n

Sanctions pressure: <\/strong>The wider markdowns follow Western sanctions targeting Russian energy exports and shipping, prompting sellers to lower prices to place barrels in Asia. <\/p>\n

Refiner response: <\/strong>State-run Indian Oil Corporation, India\u2019s largest refiner, has booked about 7 mn bbl of alternative crude for March loading, including supplies from Brazil\u2019s Petrobras, to replace Russian volumes.<\/p>\n

\n

\n

<\/a> INFRASTRUCTURE \u2014 <\/strong>Mumbai<\/strong>-based engineering and construction giant <\/strong>Larsen and Toubro<\/a><\/strong> (L&T) secured a contract from the Royal Commission of Riyadh City<\/strong> to build the extension of Riyadh Metro\u2019s Red Line, according to a company statement<\/a>. <\/p>\n

The project covers the design and turnkey delivery of an 8.4-km extension of the metro line<\/strong> spanning both elevated and underground sections as well as five metro stations which will be constructed by L&T\u2019s heavy civil infrastructure business. Although the firm did not reveal the ticket size, it is classified by L&T in the major contracts category which are generally valued between USD 600 mn-1.2 bn. <\/p>\n

Why it matters: <\/strong>L&T is a major engineering, procurement, and construction contractor in the Middle East executing projects across oil and gas, green hydrogen, power transmission, and civil infrastructure. The firm is also involved in the Neom city covering projects across renewable energy and grid infrastructure<\/a> with contracts exceeding USD 2.7 bn.<\/p>\n

\n

\n

YOU\u2019RE READING EnterpriseAM MENA <> India, your C-suite briefing on the movement of trade, investment, people, and ideas along one of the world\u2019s most exciting corridors. Every Monday, Wednesday, and Friday at 2:30 pm UAE, we dive deep into the business, finance, economy, and policy headlines and trendlines that will move markets and set the tone for your day. <\/p>\n

Were you forwarded this briefing? <\/strong>Tap or click here to sign up without charge for your own<\/a>copy.<\/a> <\/p>\n

Data point<\/p>\n

3k+ <\/strong>aircraft \u2014 that\u2019s the cumulative order backlog held by the UAE, India, and Saudi <\/strong>Arabia with Airbus and Boeing<\/strong>, more than double the size of their current fleets, according to a statement<\/a> from Avolon. Around 900 deliveries are expected over the next three years.<\/p>\n

The global scene: <\/strong>While the aviation sector\u2019s prospects are looking promising, thanks to persistent low fuel prices and growth from markets like the US, Europe, the Gulf, and India, a chronic undersupply of aircraft is weighing on the outlook. Airbus and Boeing\u2019s total backlog now stands at more than 11 years, as the two \u2014 along with Embraer \u2014 saw 2k new orders last year. Going forward, the aircraft shortage is expected to lead to higher lease rates.<\/p>\n

Still, the sector\u2019s earnings are set to come in at USD 41 bn this year<\/strong>, which would make it the fourth year of gains as it looks to recover USD 182 bn in pandemic-induced losses. <\/p>\n

\n

Happening this week <\/p>\n

India<\/strong> Energy Week is underway and will run through Friday, 30 January in Goa. <\/strong>Senior government officials including energy ministers are attending the event alongside India\u2019s major trade partners, diplomats, and executives from energy majors such as Adnoc and Aramco. Prime Minister Narendra Modi inaugurated the event yesterday, inviting foreign investment into India\u2019s energy sector. <\/p>\n

We have a detailed update on Modi\u2019s speech below. <\/strong><\/p>\n

\n

The big story abroad<\/p>\n

Global trade is dominating headlines for the second morning running <\/strong>after the EU and India signed a trade agreement<\/a>. The move can be understood<\/a> as a strategic buffer against volatile trade announcements by Washington. Markets will be closely watching US President Donald Trump\u2019s reaction to the news.<\/p>\n

Trump unfazed by USD slide: <\/strong>The greenback continued its slide on Tuesday<\/a>, spurred on by comments made by Trump, indicating a lack of concern about the currency\u2019s decline \u2014 \u201cthe USD is doing great,\u201d he said in response to a question about the currency\u2019s fall. The USD hit its lowest level in four years after a 1.3% dip yesterday, extending its 2026 losses to 2.6%. <\/p>\n

AND IN MARKET NEWS- The S&P 500 closed at a fresh high yesterday<\/strong>, with investor optimism about the wave of upcoming Big Tech earnings fueling the rally. Meta, Microsoft, and Tesla will be out with their earnings today and Apple will follow suit tomorrow. <\/p>\n

ALSO IT\u2019S FED DAY- <\/strong>The US Federal Reserve will conclude its first policy meeting of 2026 today and markets are expecting<\/a> a hold. Markets are also closely watching for Trump\u2019s pick for Fed Chair Jay Powell\u2019s replacement, with his nomination expected sometime this week.<\/p>\n

WATCH THIS SPACE-<\/strong> Saudi Arabia yesterday said that it would not allow its airspace or territory to be used in an attack on Iran, Reuters<\/a> reports. The news, delivered on a call between Crown Prince Mohammed bin Salman and Iran's president, came a day after the UAE made a similar statement.<\/p>\n

In context: <\/strong>Trump said last week that an \u201carmada\u201d was steaming toward Tehran.<\/p>\n

\n

Circle your calendar<\/p>\n

Canada\u2019s<\/strong> Prime Minister Mark Carney is likely to visit India in the first week of March <\/strong>as Ottawa steps up efforts to diversify trade ties beyond the US, Reuters<\/a> reports, citing India\u2019s High Commissioner to Canada. The visit is expected to focus on trade and investment, with potential agreements spanning energy, critical minerals, artificial intelligence, and nuclear cooperation, as both countries look to restart momentum on a long-stalled freetrade agreement. <\/p>\n

Check out our full calendar on the web<\/strong> for a comprehensive listing of upcoming news events, national holidays, and news triggers.<\/p>\n","protected":false},"excerpt":{"rendered":"

Plus: L&T secures contract for Riyadh Metro Red Line extension<\/p>\n","protected":false},"author":1,"featured_media":87206,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2403],"tags":[2402,2659,2643,2404,2756,2441,2401],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87205","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-enterpriseam-india","tag-india-gcc-corridor","tag-india-us-relations","tag-oil-and-gas","tag-russian-oil","tag-trade","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"37af10e0-3393-4c98-a04b-e91281e181e4","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2026\/1\/1177.jpg","photo_position":"above","homepage_title":"","full_issue_title":"US 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