Oil Production

The probability of US-Iran negotiations entering a more substantive phase is rising-every additional week of disruption deepens financial market stress that the White House cannot indefinitely absorb

India and other oil importing nations are likely to negotiate bilaterally to secure energy supplies, potentially through coordinated transit corridors, but a return to pre-war traffic volumes is unlikely in 2026, Moody's Ratings has said. In a global report on geopolitical risks, Moody's said there is little prospect of a swift and durable settlement between the US and Iran and with it the full reopening of the Strait of Hormuz. Moody's said the transit flows will gradually improve, but through bilateral channels rather than a general reopening. This would allow some incremental improvement in energy transit flows from near-zero now, but the process will be slow, opaque and subject to interruption. "We expect oil importers -- particularly China, India, Japan and Korea -- to negotiate passage bilaterally with Iran, potentially through coordinated transit corridors such as those reportedly emerging near Larak Island and through Omani territorial waters... A return to pre-conflict ...

Adnoc touted its plans on Sunday, saying it's planning to accelerate a growth push with 200 billion dirhams ($55 billion) in oil-project awards as part of an already-announced $150 billion program

The current crisis in West Asia significantly impacts India, as the region accounts for approximately one-sixth of the country's exports, half of its crude oil imports, and nearly two-fifths of the inward remittances, Reserve Bank of India (RBI) Governor Sanjay Malhotra said. During his address at Princeton University on April 18, 2026, the governor highlighted that the Indian economy has demonstrated resilient growth over the past decade, supported by robust policy frameworks, financial stability, and sound fiscal policies. He noted that, in response to the ongoing crisis, India is increasing its domestic production of oil and gas. "Sources of imports are being diversified. While there is no shortage of oil, given the reserves maintained by us, there is some rationing of gas for industrial purposes," he said. Malhotra emphasised that while oil marketing companies and the government have absorbed some of the price pressures in oil, a portion of the pressures on gas prices has been .

Protests over the soaring cost of fuel spread disruption across Ireland on Saturday with many gas stations running dry as truck and tractor drivers staged a fifth day of blockades at the country's sole fuel refinery and several depots. Vehicles blocking traffic led to closures of the main highway around the capital, Dublin, as well as six other major roadways. More than a third of the 1,500 service stations in the republic are out of fuel and that number is expected to grow dramatically if the roadblocks remain, Fuels for Ireland chief executive Kevin McPartlan said. Irish police put all its officers on notice they could be called to duty over the weekend and the military was on standby to help remove the vehicles as the government was due to renew talks Saturday to resolve the dispute. Frustration over the soaring cost of fuel led to the protests that began Tuesday and have continued to grow as word spread on social media. Government officials, who had already introduced measures

State-run Indian Oil Corp purchased the cargo, currently on the Curacao-flagged very large crude carrier Jaya, which is heading to India's east coast and is set to arrive later this week

Other group members such as Russia are unable to increase output due to Western sanctions and damage to infrastructure inflicted during the war with Ukraine

A global supply squeeze is nudging India faster towards renewables, even as China stays far ahead

Takaichi assigned the task to Trade Minister Ryosei Akazawa on Tuesday morning at a meeting with relevant ministers

In each of the past 12 years, there has been a drop in domestic crude production

The planned order comes as Trump faces heavy political pressure to confront rising fuel prices before the November midterm elections

Several of Saudi Arabia's neighbours have also cut production as shipping in oil transit chokepoint, carrying roughly a fifth of global oil and liquefied natural gas flows, has ground to a near halt

The strait is a choke point for about 20 million barrels a day of crude and refined products - equal to a fifth of global consumption

The US has urged India to buy Russian oil already floating at sea and redirect it to Indian refineries to "tamp down" fears of supply shortages and price spikes amid the ongoing West Asia conflict, Energy Secretary Chris Wright has said. However, the move, he said, is a short-term, pragmatic effort to stabilise the market and did not signal any change in Washington's policy towards Russia. In an interview with CNN on Sunday, Wright said he, along with Treasury Secretary Scott Bessent, had spoken to Indian authorities about buying Russian crude cargoes currently waiting to be unloaded at Chinese refineries. "India has been a great partner through this. I did call up the Indians, as did Treasury Secretary (Scott) Bessent, and said there's a whole bunch of oil floating waiting to unload at Chinese refineries. "Instead of having it wait six weeks to unload there, let's just pull that oil forward, have it land in Indian refineries and tamp this fear of shortage of oil, tamp the price ..

For oil analysts, executives and traders, that has meant ever-louder warnings that the war is bringing crude to a tipping point, and closer to the psychological $100-a-barrel threshold

As tensions rise in West Asia, disruptions at major oil and gas hubs are shaking global energy markets, highlighting how deeply the world depends on the region's powerful producers

OPEC+ is expected to extend its pause on oil production increases in March, even as geopolitical tensions and Iran-related risks push crude prices higher

ONGC had onboarded BP as Technical Services Provider (TSP) for Mumbai High in February 2025 to boost production, while retaining ownership and operational control of the field

India's crude oil sourcing strategy has shown a clear shift toward lower-risk and more execution-reliable supply, with the Middle Eastern barrels gaining share as Russian crude flows remain present but increasingly selective and compliance-driven. Import of Russian crude oil dropped to around 1.1 million barrels per day in the first three weeks of January, from an average of 1.21 million bpd in the previous month and over 2 million bpd imports in mid-2025, according to data from real-time analytics company Kpler. India, which is almost 90 per cent dependent on imports to meet its needs for crude oil - the raw material which is turned into fuels such as petrol and diesel in refineries, is again leaning on its traditional suppliers in the Middle-East. Iraq is now supplying almost the same volumes as Russia, up from an average of 9,04,000 bpd in December 2025, according to Kpler data. Volumes from Saudi Arabia too have risen to 9,24,000 bpd this month, from 7,10,000 bpd in December and

While Brent should retain a geopolitical risk premium, it is similarly forecasted to retreat toward $56-$57/b as supply growth from non-OPEC+ producers outweighs softening demand