Oil

India is among the world's largest consumers of LPG, which is widely used as a primary cooking fuel in households

The IEA, which co-ordinates stockpile releases for OECD countries, has said its 32 members hold more than 1.2 billion barrels in public emergency stockpiles

India's purchase of Russian crude oil has surged 50 per cent in March as New Delhi tapped alternate sources to make up for the shortfall arising from disruption in the Middle East amid a widening military conflict. India bought about 1.5 million barrels of Russian oil this month, up from 1.04 million bpd in February, ship tracking data showed. India, the world's third-largest crude importer, sources 88 per cent of its oil needs from abroad. It consumes 5.8 million barrels per day, of which 2.5-2.7 million barrels came from Middle East countries like Saudi Arabia, Iraq, and the UAE via the Strait of Hormuz. The chokepoint also carried 55 per cent of India's cooking gas (LPG) and 30 per cent of liquefied natural gas (LNG), used for power, fertilizers, CNG, and household cooking. The ongoing conflict has largely halted shipments through the strait, forcing India to seek alternative crude sources from Russia. "India was expected to import around 2.6 million barrels per day of crude vi

In the West Asia, Iran has leaned on one of its strategic advantages: its ability to disrupt the flow of oil and natural gas through the Persian Gulf and hurt economies around the world

The price of oil surged higher and showed no signs of halting its rapid climb a week after the US and Israel launched major attacks on Iran that escalated into a war in the Middle East. The conflict, in which nearly every country in the Middle East has sustained damage from missiles or drone strikes, has left ships that carry roughly 20 million barrels of oil a day stranded in the Persian Gulf, unable to safely pass through the Strait of Hormuz, the narrow mouth of the Gulf that is bordered on its north side by Iran. The disruption and damage to key oil and gas facilities in the Middle East has led to an interruption in the supply of oil and gas. Oil prices surpassed $90 a barrel Friday, with American crude settling at $90.90, up 36% from a week ago, and Brent, the international standard, climbing 27% over the course of the week to land at $92.69. The fallout is ratcheting up what consumers and business will pay for gasoline, diesel and jet fuel, with some drivers already feeling i

"Everybody that has not called for force majeure we expect will do so in the next few days that this continues. All exporters in the Gulf region will have to call force majeure," Kaabi told the FT

Indian refiners have been buying Venezuelan oil to diversify their supply mix as they reduce Russian oil imports, a move that helped New Delhi clinch an interim trade deal with Washington

The proceeds were initially deposited in an account in Qatar to protect it from seizure

Russia has accused the US of attempting to prevent India and other countries from buying Russian oil, saying Washington is using a wide range of "coercive" measures, including tariffs, sanctions and direct prohibitions, to fulfil its objective of global economic dominance. Foreign Minister Sergey Lavrov also accused the US of using "unfair methods" to suppress competitors by imposing sanctions on Russian oil companies. "(The US) is attempting to control our trade, investment cooperation, and military-technical ties with major strategic partners, such as India and other BRICS members," Lavrov said in an interview with TV BRICS on Monday. He said that the West is reluctant to relinquish its formerly dominant positions. "With the arrival of the (US President Donald) Trump administration, this struggle to suppress competitors became particularly pronounced and open," he said. Lavrov said that Russia accepted America's proposal on Ukraine during the Alaska talks between President Vladim

A case of oil theft has come to light in Rajasthan's Beawar district, where miscreants allegedly punctured an Indian Oil Corporation (IOC) pipeline and siphoned off fuel by laying an illegal parallel line, officials said on Saturday. The incident was detected near Lalpura Ghata in the Sendra area after IOC's technical monitoring system flagged irregularities, Beawar SP Ratan Singh said. Police have registered a case, and a search for the accused is underway, he said. Subsequently, the inspection found an unauthorised valve fitted on the pipeline along with a parallel line of about 120 metres laid to steal oil over a prolonged period, he said. According to officials, the method used for the theft appeared to be well planned, raising suspicion about the involvement of an organised gang. After the detection, the IOC's technical team reached the site and began repair work by securing the punctured section of the pipeline with clamps, they said. Senior IOC officials, including the chi

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.