Crude Oil

India is free to buy oil from any country, and there is nothing new about its decision to diversify its crude suppliers, the Kremlin said on Wednesday. "We, along with all other international energy experts, are well aware that Russia is not the only supplier of oil and petroleum products to India. India has always purchased these products from other countries. Therefore, we see nothing new here," Kremlin Spokesman Dmitry Peskov said while responding to a question. He was asked about US President Donald Trump's claim that Prime Minister Narendra Modi had agreed to stop buying Russian oil and switch to purchasing crude from the United States and, potentially, from Venezuela. A day earlier, Peskov said that Russia has not received any statements from India regarding the cessation of Russian oil purchases. Private Kommersant FM business radio noted that, unlike President Trump, PM Modi did not mention any agreement on stopping Russian oil imports. Igor Yushkov, a leading expert at th

Indian refiners have been redrawing crude import strategies in recent ​months to shift away from top supplier Russia and boost imports from the Middle East

In comparison, central government-owned ports grew 9%

The capital expenditure of ONGC, country's largest oil and gas exploration player, is seen declining over six per cent to Rs 30,000 crore in FY27

The rebound came after a sharp-sell off witnessed during the special trading session on Sunday, February 1, 2026 as Finance Minister Nirmala Sitharaman presented the Budget 2026

The refiner is now able to process heavy Venezuelan crude at its Kochi and Bina refineries, following upgrades that have enhanced the complexity of its refining system

India and Canada are looking at boosting energy trade focused on oil, LNG and LPG

Indian refiners say only small volumes of Venezuelan crude are being offered as most supplies are directed to the United States

Refiner was unable to do so earlier due to the crude's high acidic nature

The country benefited from lower crude oil prices, driven by an oversupplied global market and subdued demand conditions

Global inventories are expected to build by an average of 2.8 mbpd through the first half of the year, marking the largest surplus in recent memory

India has dropped to third place among buyers of Russian fossil fuels, after a sharp fall in crude imports in December 2025. New US sanctions on major Russian oil producers have disrupted supplies

India's Russian fossil fuel imports fell sharply in December, pushing it to third place as Reliance and state refiners cut crude purchases amid sanctions and price caps

Today's Best of BS Opinion covers US tariff threats linked to Russian oil, the Grok AI content debate, small finance banks' record, cracks in India's growth story, and a Cold War spy tale

Denmark has sent a strong signal to Washington, warning that its troops are authorised to respond immediately if Greenland is threatened.

US President Donald Trump has signalled support for a bipartisan Bill that proposes sweeping penalties on countries buying Russian oil.

US President Donald Trump has announced that Venezuela’s interim authorities will hand over up to 50 million barrels of sanctioned oil to the United States.

Saudi Arabia has cut the price of its flagship crude oil to Asia for the third straight month, signalling persistent oversupply in global oil markets.

The stock of Reliance Industries declined 4.5 per cent and ended the session at ₹1,508.90, its biggest one-day decline since June 4, 2024

Venezuela produces only about 0.8 per cent of global crude output despite holding 18 per cent of the world's oil reserves, reflecting years of underinvestment and infrastructure constraints