Crude Oil

After years of forecasts predicting an imminent peak in oil demand amid a swift shift to renewables, oil and gas made a quiet but unmistakable comeback, with India emerging as a central driver of global consumption. Major energy outlooks - from BP and McKinsey to the IEA - pushed peak oil into the 2030s and revised 2050 demand upward. And every forecaster said India will emerge as the epicentre of global demand growth, with its rise in appetite for energy outpacing that of China and Southeast Asia combined. The revival of the 'Oil is King' narrative in 2025 was fuelled by policy delays, infrastructure bottlenecks, and geopolitical tensions. European nations, long champions of the clean energy transition, leaned more heavily on fossil fuels as supply shortfalls and high prices persisted amid the ongoing Russia-Ukraine war. In the US, President Donald Trump's fossil-forward policies reinforced this trend. The result: oil was back on the centre board. India's oil and gas sector in 202

India's oil imports were worth $9.9 billion, largely unchanged Y-o-Y in November, as global prices slid

Brent crude futures fell $1.11, or around 1.8 per cent, to $59.45 a barrel at 1023 GMT, while US West Texas Intermediate crude was trading at $55.71 a barrel, down $1.11, or nearly 2 per cent

Axis Capital has initiated coverage on ONGC with a 'Sell' rating, citing concerns over production, oil prices, and subsidiary debt

Forecasts from major energy bodies suggest a trend toward inventory builds and moderated prices, contingent on geopolitical stability and production policies

Unless wider secondary sanctions are introduced, India is expected to continue sourcing from non-sanctioned Russian suppliers, say experts

The next few quarters could favour downstream refiners and marketers over upstream, with Brent expected to stay in a $60-65 range or drift lower, while GRMs remain strong and LPG under-recoveries ease

Since administered pricing mechanism (APM) and new well gas (NWG) prices are tied to global prices, which are tied to crude, this may be a positive

Saudi Arabia is offering more competitive rates amid widening discounts of $5-7 per barrel offered on Russian Urals barrels and a surge in purchases of US crude oil by India

With the November 21 deadline now past, India's Russian crude inflows are easing but not collapsing as refiners pivot to non-sanctioned suppliers, tap alternatives and benefit from soft global prices

India and Russia are chasing a $100 billion trade goal, but India is staring at a $60 billion trade deficit driven largely by Russian oil.

Indian Rupee touched a new record low of 89.97 against the US dollar on December 1, 2025, amid delays in the India-US trade agreement, and limited RBI intervention

WTI plunged 2.5 per cent over the past five trading sessions to $58.05/bbl, shedding 5.5 per cent in the last month and more than 20 per cent since mid-June highs near $73/bbl

This month, India is expected to receive 1.87 million bpd of Russian crude, provisional data from Kpler showed

Washington's move last month to blacklist top oil producers Rosneft PJSC and Lukoil PJSC is arguably its most aggressive to date under the current administration

Reliance Industries has halted Russian crude oil imports for its export-oriented refinery in Jamnagar, shifting fully to alternative sources ahead of new US and EU restrictions.

India's Russian oil loadings at 3-yr low in Nov as refiners grow wary of US sanctions

Stoppage of Russian crude imports comes a day before US sanctions against Rosneft and Lukoil kick in; however, RIL said it is honouring all previously-agreed shipments of Russian crude as of Oct 22

Fitch Ratings says sanctions on Rosneft and Lukoil - which supply around 60% of India's Russian crude - may not materially affect OMC margins, though compliance challenges

Mangalore Refinery and Petrochemicals Ltd has bought one million barrels of Basra Medium crude for January 1-7 delivery