Crude Oil

Surge in gold and silver imports drives January trade deficit to $34.68 billion, raising concerns over a wider current account deficit in Q4FY26

The rupee slipped amid muted global risk appetite and firm US yields, though RBI intervention helped cap losses, while forex reserves hit a new record of $725.7 billion

India's core sector growth eased to 4% in January, with most industries slowing except steel and cement, while analysts say the trends reflect strong construction and infrastructure activity

India's eight key infrastructure sectors' output slowed down to 4 per cent in January, according to official data released on Friday. It was 5.1 per cent in January 2025 and 4.7 per cent in December 2025. Crude oil and natural gas output recorded negative growth in January. During the April-January period of this fiscal, the output of these sectors grew by 2.8 per cent against 4.5 per cent recorded during the corresponding period of the previous fiscal.

India's crude oil import bill fell sharply in January as the Indian basket price averaged $63.08/bbl - $17 lower than last year - easing the country's overall energy burden

Russia's Foreign Ministry on Wednesday said it has "no reason" to believe that India has changed its position on buying Russian oil, which it said is beneficial for both countries and maintains stability in the global hydrocarbons market. The remarks came in the backdrop of Washington's claim that New Delhi has agreed to stop importing Russian crude oil. "We have no reason to believe that India has changed its position on buying Russian hydrocarbons. India's purchase of Russian hydrocarbons benefits both countries and helps maintain stability in the international energy market," Foreign Ministry spokesperson Maria Zakharova said in her weekly briefing. "There is nothing new in the claims of US President Donald Trump, as well as US Secretary of State Marco Rubio, who have grabbed the right to dictate to independent nations," Zakharova said. Following a recent phone conversation between Prime Minister Narendra Modi and United States President Donald Trump, both sides announced a ...

ONGC's Q3 was weighed down by lower crude realisations, but improved gas realisations, rising new well gas share and upcoming projects may bolster medium-term production

Indian refiners see Venezuelan merey crude discounts shrink to record lows amid high freight costs and tighter supply dynamics

Indian Ambassador Vinay Kumar on Tuesday met Russian Deputy Foreign Minister Andrei Rudenko and discussed "pressing" bilateral and international issues, including the situation in the Asia-Pacific region. The meeting came in the backdrop of Washington's claim that New Delhi has agreed to stop importing Russian crude oil. In a statement, the Russian Foreign Ministry said, "The sides discussed the schedule of upcoming political contacts, pressing bilateral and international issues, including the situation in the Asia-Pacific region." Following a recent phone conversation between Prime Minister Narendra Modi and United States President Donald Trump, both sides announced a reduction of the US tariffs on Indian goods to 18 per cent from 50 per cent. The reduction included the removal of a 25-per cent tariff that Trump had slapped on India in August last year for New Delhi's purchase of Russian oil. India has not yet confirmed or denied Washington's claim that it has committed to stoppi

India's Russian crude imports are estimated to fall further to 1.159 million bpd in February, Kpler data showed

BPCL will source crude purely on techno-commercial merit amid geopolitical flux, with talks on Saudi investment in its Andhra refinery, says CMD Sanjay Khanna

Speaking at the Munich Security Conference, Jaishankar said India's independent decision-making remains central to its approach

India's largest private refiner gets US general licence to purchase Venezuelan crude directly, potentially diversifying its crude slate and resuming imports after previous sanctions eased

A general licence authorises the purchase, exportation, and sale of Venezuelan-origin oil that has already been extracted, including the refining of such oil

Despite a thaw in trade talks, higher costs, logistics challenges and refinery constraints may limit any near-term boost in India's crude oil, gas and LPG imports from the US

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