Crude Oil Supply

Indian buyers favour cheaper oil-linked LNG over US gas as henry hub prices and freight costs rise, cooling appetite for long-term US LNG deals amid ongoing trade talks

Emergence of new sellers reflects the importance of the $60 bn Indo-Russian trade to oil producers and refiners of both nations

European think tank CREA has claimed that these shipments made India the largest national destination for crude moved by Russia's growing 'shadow fleet'

Mohammed Imran, research analyst at Mirae Asset Sharekhan believes that global market will remain in surplus of 0.5-0.7mbpd in 2026

Crude oil Outlook: WTI to trade $57-$62/bbl near-term, with upside to $65+ on Russian disruptions. Bearish base case holds unless geopolitics escalate.

Oil prices are projected to trade in a broader $58-$64 range in the coming weeks

While Reliance's typical diet does include crude from the region, the recent spurt of buying was more active than usual

Crude oil prices continue to trade within a broader range of $5-$7, reflecting the persistent tug-of-war between supply excess and geopolitical flare-ups

Brent crude faces limited upside above $70, as higher prices may dampen Chinese demand, while increased OPEC+ production is helping offset geopolitical risks

India has leaned on the US and UAE to boost spot purchases of crude oil this year to cover immediate needs and navigate geopolitical tensions

India became a major importer of Russian crude after the start of the war in Ukraine in 2022, but the South Asian nation was recently slapped with crushing US tariffs for the trade

India defended its Russian oil imports, saying it followed international rules and helped keep global prices stable, rejecting US claims that it fueled the Russian war effort

US President Donald Trump criticised a court ruling that struck down most of his tariff orders, warning that US would be 'completely destroyed' without them, while one judge defended his stance

Reliance warns of refining margin pressure as US doubles tariffs on Indian goods to 50 per cent over Russian oil imports; 25 per cent came into effect on Thursday, second 25 per cent begins August 27

The US imposes 25 per cent tariff on Indian imports from August 7; second 25 per cent duty over Russian oil trade kicks in August 27, raising total tariff to 50 per cent - highest among US partners

India's top refiner IOC buys 7 million barrels of crude from US, Canada and Abu Dhabi via tender, as Russian oil imports pause due to narrowing discounts and rising sanctions

Despite Donald Trump's warning of a penalty, Indian officials say the government had "not given any direction to oil companies" to cut back imports from Russia

Amid tariff threats and narrowing price gaps, India's oil firms have paused Russian crude orders; MEA says no official directive

Crude oil markets are pricing in a fair amount of uncertainty at the current levels, Das said. That's why oil had dropped below $60 for a time-before the West Asia tensions pushed it back up

The fears centre around the possibility of supply routes being interdicted and hence, supply being disrupted, rather than Iranian oil being taken off the market