Oil

Oil prices steadied near six-month highs as investors tracked US-Iran tensions, sanctions risks and a stronger dollar after a sharp monthly rally

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

ONGC has invited global oil majors for technical support partnerships in its western offshore blocks to lift output

Indian refiners are redrafting their oil import strategies, buying more oil from ​Middle Eastern, African and South American countries to make up for a reduction in Russian oil supplies

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

The state-run refiners are expected to report gross refining margins of $10-13 per barrel in the third quarter of FY26, aided by strong product cracks and benign crude prices

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

The Delhi High Court has ordered status quo on Vedanta's Suvali offshore oil block, halting the government's move to transfer operations to ONGC pending final adjudication

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.

This comes amid the International Energy Agency forecasting a supply this year of 4 million barrels per day, equivalent to 70 per cent of India's oil demand

Indian oil companies that have invested in oil exploration projects in Venezuela might also be able to recover stuck dividends, with the US operating Venezuela's oil assets

Mr Trump's claim that Mr Maduro is emptying his prisons and illegally flooding the US with criminal elements and that the country is a major source of drug trafficking lacks foundation

Last week, the US and Europe imposed a raft of fresh sanctions on Russian oil, with Washington targetting the country's top oil producers Lukoil and Rosneft

Environmentalists blasted the reported plan, saying it would put too many coastal communities and marine habitats at risk

The sanctions could reduce global oil supplies since Russia was the world's second-biggest crude producer in 2024 after the US, according to US energy data

Russia maintains its position as a leading oil producer, despite unfair competition being used against us, Putin said

In a new twist to the ongoing Ukraine-Russia war diplomacy, US President Donald Trump has claimed that PM Modi has assured him that India will stop importing Russian oil.

During Mongolian President Khurelsukh Ukhnaa’s visit to New Delhi, both nations deepened cooperation in defence, energy, culture, and spiritual exchanges.

The United States has introduced sanctions against Serbia's main oil supplier, which is controlled by Russia, the company said on Thursday. Serbia almost entirely depends on Russian gas and oil supplies, which it receives mainly through pipelines in Croatia and other neighbouring states. The gas is then distributed by Petroleum Industry of Serbia (NIS), which is majority-owned by Russia's state oil monopoly Gazprom Neft. NIS said Thursday it had failed to secure another postponement of the US sanctions, which could jeopardise its efforts to secure oil and gas deliveries in a longer term. The special license from the US Department of the Treasury, which enables unhindered operational business, has not yet been extended, NIS said in a statement. It added that it has stored enough supplies to keep the operation moving for customers for a longer while. It also said problems could occur at NIS gasoline stations with payment made by foreign bank credit cards but added that that cash ...