Trump’s 60-day review keeps India’s Russian oil route open
Marco Rubio said India cannot stop buying Russian oil overnight as President Trump reviews sanctions and tariffs over 60 days. OI Charts data showed short covering in IOC and long unwinding in BPCL ahead of the 27 Oct expiry.
after close2 sources ↓machine-written, see hownot a recommendation
- BPCL close
- ₹293.50
- On the day
- -0.07%
- Futures OI, long unwinding
- -0.0%
- Put-call ratio
- 0.76
- Max pain
- ₹300.00
US Secretary of State Marco Rubio said India could not stop buying Russian energy overnight as President Donald Trump reviews the economic impact of sanctions on Russia and tariffs on countries purchasing its oil. Trump has set aside 60 days to assess how the measures affect global markets and the US economy, keeping the policy outlook uncertain for Indian refiners and the wider energy sector ⚡.
Key Points:
• Rubio said the measures were not limited to Russia because they also included tariffs on countries such as India. The comments were made on 17 Oct 2026 before his planned travel to Uzbekistan and India.
• The 60-day review creates a period in which Indian refiners can continue to assess supply, freight, payment and margin implications before any broader change in sourcing becomes visible.
• OI Charts data for 16 Oct 2026 showed BPCL at ₹293.50, down 0.1% on the day and 4.4% over 20 sessions. Its futures showed long unwinding, with open interest broadly unchanged, while the ₹300 strike carried the largest call and put open interest. Max pain was ₹300 for the 27 Oct expiry.
• IOC closed at ₹130.38, up 1.2% on the day and 3.2% over five sessions, although it remained down 2.9% over 20 sessions. Its futures showed short covering, with open interest down 0.1%. The largest call open interest was at ₹135 and the largest put open interest at ₹125, while max pain stood at ₹132.50 for the same expiry.
The policy matters because any tariff or sanctions-related disruption could alter the discount available on Russian crude, the cost of alternative supplies and the refining margins of Indian oil companies. The contrasting derivatives signals show short covering in IOC but long unwinding in BPCL, indicating different near-term positioning rather than a uniform sector view
Traders will watch the next US policy communication during the 60-day assessment, Rubio’s India visit and any clarification on tariff or sanctions exemptions. For the October derivatives expiry, ₹300 is the key BPCL positioning level, while ₹125–₹135 frames the largest open-interest zone for IOC. Any change in Russian crude access, freight costs or official guidance would directly affect the sector’s near-term operating assumptions 🛢️.
Source: The Federal, 18 Oct 2026
Not investment advice. For informational purposes only.