Crude Oil

Oil Minister Hardeep Singh Puri said India has navigated the crisis so far, but closure of key chokepoints could create supply challenges if the conflict escalates

Underrecoveries reach Rs 8/litre on petrol and Rs 9/litre on diesel in September

India spent $24.4 billion more on crude in April-August despite a 0.4% fall in import volumes as prices rose in international markets amid supply concerns due to the West Asia conflict

Oil and LNG shipments through the Strait of Hormuz have reached their highest level in six months, according to a US commander

Price headache is turning into a physical procurement crisis for importing countries

The Indian crude basket rose to $128.70 a barrel, adding to concerns over the import bill

India must again prepare for higher oil prices

Russian crude oil supplies to India, which set records in June and July at nearly 55 per cent of the country's total imports and bailed out Indian refiners, are under threat while West Asian supplies

Russian crude imports are expected at around 2.1 mbpd in August, down from 2.6 mbpd in June and July; fresh US sanctions on Iran are unlikely to have a material direct impact

India is widening its crude oil sourcing to Latin America as disruptions linked to the Iran conflict and the Strait of Hormuz push the world's third-largest oil consumer to diversify supplies, ship tracking data showed. Indian crude imports from Venezuela have risen sharply in August, making the South American producer the country's fourth-largest supplier, according to ship-tracking data from Kpler. Venezuelan supplies reached about 444,000 barrels per day, ahead of Iraq's 118,000 bpd and the United States' 153,000 bpd, the data showed. Venezuela's position in India's supply mix has risen rapidly since imports resumed in April. Indian refiners increased purchases of Venezuelan, Brazilian and African crude after disruptions to Middle Eastern supplies, while continuing to rely heavily on Russian oil. Russia remains the dominant supplier, with imports close to 2 million bpd in August. Russian crude imports reached around 2.6 million bpd in June-July, accounting for more than half of .

Crude import volumes rose 13 per cent to 21.4 million tonnes in July, while the Indian basket price averaged $82.04 a barrel amid supply disruptions in West Asia

Delivered cost of Venezuela's Merey grade surges to $95 bbl, while Russian grade has flipped from a discount to a premium over Dated Brent

Puri said domestic production of crude oil from offshore and onshore fields stood at 27.96 million tonnes (MT) last financial year (2025-26), against 28.70 MT in 2024-25 and 29.36 MT in 2023-24

Higher crude realisations lifted ONGC's Q1 earnings above estimates, but sustained oil and gas production growth remains the key catalyst for any meaningful stock rerating

Global uncertainties remain the biggest driver of market sentiment despite healthy domestic indicators, says Bank of India Mutual Fund CIO Alok Singh

Brent crude surged nearly 7% as renewed West Asia strikes, Strait of Hormuz tensions and falling US crude inventories stoked fears of supply disruptions

In the global market, gold opened with marginal gains. However, prices later declined before recovering again. Silver had a subdued start in the global market, but later prices rebounded sharply

Benchmark indices extended losses as rising crude oil prices and sustained foreign portfolio investor selling offset domestic institutional buying and weighed on sentiment

The state-run refiner is also exploring long-term crude supply deals with the US and other countries as it seeks to manage supply disruptions and rising energy costs

Sensex lost 715 points and the Nifty slipped below 24,000 as rising crude prices, tariff concerns and geopolitical tensions triggered broad-based selling