Oil Trade

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

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.

The MEA's comment came after US President Donald Trump claimed that Prime Minister Narendra Modi has assured him that India will stop buying oil from Russia

The US Treasury has sanctioned over 50 individuals, companies, and vessels, including Indian firms, for facilitating Iranian oil and LPG exports to China, Pakistan, and other countries

India and the UAE have set a target to double bilateral trade in non-oil and non-precious metal to USD 100 billion over the next 3-4 years, Commerce and Industry Minister Piyush Goyal said on Thursday. Currently, the bilateral trade in non-oil and non-precious metals stands at about USD 50-55 billion. The minister also said both sides have decided to work on modalities to invest in regions, such as Africa and the GCC (Gulf Cooperation Council), in various sectors like infrastructure, by leveraging the UAE's investment strength and India's talent pool. These issues were discussed during the 13th meeting of the India-UAE High-Level Joint Task Force on Investments here. It was co-chaired by visiting Goyal and Sheikh Hamed bin Zayed Al Nahyan, MD of Abu Dhabi Investment Authority. "We have set a new target to double bilateral trade in non-oil and non-precious metals to USD 100 billion in the next 3-4 years," Goyal told reporters here. He said both sides also explored new frontiers fo

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Amid rising US tariffs on Russian oil, India and Brazil are exploring new opportunities to boost crude trade, with India seeking alternatives to Russian oil and Brazil eyeing new markets

Mukesh Ambani-led Reliance Industries, India's largest company by market capitalisation, dropped 2 per cent, contributing significantly to the sector's weakness

The EU approved on Friday the 18th package of sanctions against Russia over the conflict in Ukraine, which also targeted India's Nayara Energy, an exporter of oil products refined from Russian crude

Major oil producers are pointing to signs of better economic growth in the second half of the year while data from China showed consistent growth

Significant volatility in the second quarter had global benchmark Brent crude futures dropping to a four-year low of $60.23 a barrel on May 5 and then surging to $78.85 on June 19

But Kotak Institutional Equities believes market concerns are driving oil prices and points to sufficient OPEC+ spare capacity and well-supplied global inventories

US West Texas Intermediate crude was up $5.38, or 7.91 per cent, at $73.42 a barrel after hitting a high of $74.35, the loftiest since February 3

Russian grades constituted around 39% of India's oil imports in May

Many Asian countries run large trade surpluses with the United States and are also major energy importers

In the previous session, Indian markets ended in the red after the RBI MPC cut the repo rate by 25 basis points to 6 per cent, and shifted its policy stance from 'accommodative' to 'neutral'.

When oil prices drop, upstream companies face reduced revenue, which can lead to cost-cutting measures, reduced profits, and in some cases, financial losses

India, the world's third largest oil consuming and importing nation, spent 102.5 billion euro (about Rs 1.5 lakh crore) on buying crude oil from Russia since the start of the Ukraine war, a European think tank said on Thursday. The Centre for Research on Energy and Clean Air (CREA) released a report on payments to Russia for fossil fuels since February 24, 2022. "According to our estimates, since the beginning of the war, Russia earned EUR 835 billion in revenue from fossil fuel exports," it said. China was the biggest buyer of Russian fossil fuel at EUR 235 billion (made up of EUR 170 billion for oil, EUR 34.3 billion for coal and EUR 30.5 billion for gas). India, according to CREA, bought fossil fuel worth EUR 205.84 billion from Russia from the beginning of the war until March 2, 2025. This comprised EUR 112.5 billion (USD 121.59 billion) for purchase of crude oil, which is refined into fuels like petrol and diesel at refineries, and EUR 13.25 billion for coal. India, which is

US sanctions four Indian firms for allegedly transporting Iranian oil, citing a covert network fueling Tehran's destabilising activities