Crude Oil

Venezuelan crude offers Reliance margin boost, but supply is a hurdle

Marco Rubio's meeting with Mukesh Ambani has revived interest in Venezuelan crude, but limited supply and strong global refining margins could constrain Reliance's advantage over rivals

India's oil imports, external finance remain key challenges: Poonam Gupta, Dy Governor, RBI

India's dependence on imported oil and external finance remains a challenge, Reserve Bank of India (RBI) Deputy Governor Poonam Gupta said at the Business Standard BFSI Insight Summit 2026.

Bharat Petroleum expects Russian crude purchases to fall in November

Russian volumes in November would be lower because West Asian grades are more commercially viable compared to Russian grades, Vetsa Ramakrishna Gupta, BPCL's head of finance said

Best of Opinion: Global prosperity can no longer be taken for granted

Today's columns examine India's growing cyber risks, uncertainty over Nitish Kumar's political succession, the strategic value of Reliance's Jamnagar refinery and the changing language of Gen Z.

Govt sets rules for ₹84,084 cr offshore oil hunt, to share drilling risks

The government will share the cost of high-risk deepwater oil and gas exploration with energy companies under the Rs 84,084-crore Samudra Manthan scheme, offering to pay part of the cost of risky exploration wells, fund seismic mapping of offshore basins and help build shared production facilities. The Ministry of Petroleum and Natural Gas issued operational guidelines for the Samudra Manthan programme, which aims to improve the economics of exploring India's deepwater and ultra-deepwater basins, where high drilling costs and uncertain geological prospects have constrained investment. The scheme aims to cut India's heavy reliance on imported hydrocarbons. The guidelines say it will run through FY2030-31, with FY2026-27 as a preparatory year and spending in FY2027-28 to FY2030-31 as Phase I. Petroleum Secretary Neeraj Mittal, in the preface to the guidelines, called the scheme "the most ambitious upstream oil and gas intervention undertaken in recent times" and said it could add "mor

US crude stays costly for India despite Rubio push; Venezuela offers value

Refiners say record freight rates and crude quality make US barrels less attractive, while discounted Venezuelan oil offers better economics but remains supply-constrained

Jamnagar's unique refinery draws US attention to sell Venezuelan oil

Economic, strategic goals in region got a fillip, says US Secretary of State Marco Rubio

India's West Asia oil imports hit pre-war levels; Russian crude falls

India's West Asia crude imports rose to 2.8 mn barrels per day in September, accounting for 54% of purchases, while Russian oil imports fell 14% month-on-month to 1.8 million bpd, ship data showed

India's crude oil import bill rises 47% to $15.4 billion in September

India's crude oil import bill surged 47% in September as the Indian basket price averaged $116.09 a barrel, while import volumes rose just 7% to 21.7 million tonnes

Rubio to meet Ambani in Jamnagar: Venezuelan oil, energy on agenda

With the whole world watching, Marco Rubio will meet Mukesh Ambani today in Jamnagar, home to the world's largest oil-refining complex

Russia sanctions waiver a 60-day pause: US Secretary of State Marco Rubio

US Secretary of State Marco Rubio acknowledged that India remained heavily reliant on Russian oil even as it had diversified its energy sources

Biodiesel enters fuel mix as govt OMCs face growing margin squeeze

With retail diesel prices frozen, state-run oil firms are blending up to 5% biodiesel at select outlets as crude costs rise and marketing margins come under pressure

Crude faces volatile week as W Asia supply risks keep mkts tense: Analysts

Crude oil prices are poised for another volatile week, with supply worries in West Asia keeping markets on edge and stalled US-Iran talks adding to fears of fresh disruptions, even as efforts to ease shortages offer some relief, analysts said. Investors will track weekly crude stocks data from the American Petroleum Institute (API), Cushing inventories, overall US oil stocks and crude imports for signals on the supply-demand balance. The Strait of Hormuz remains a key source of uncertainty, with any disruption to shipments through the critical waterway threatening to further tighten global supplies. The domestic commodities market will remain closed during the morning session on Tuesday due to Dussehra. "Our outlook remains cautiously bullish, with price movements likely to be driven primarily by geopolitical developments and actual supply disruptions rather than headlines alone," said Ajit Mishra, SVP of Research at Religare Broking. Recent declines in US crude inventories have .

Canadian subsurface engineering firm VZFOX set to enter Indian market

The subsurface engineering firm plans a five-member Bengaluru team and will focus on mature-field revitalisation, reservoir optimisation, EOR, IOR and carbon-storage projects

Crude oil futures brace for volatility amid geopolitical uncertainties

Crude oil futures are likely to remain volatile next week as uncertainty over US-Iran negotiations and escalating tensions in West Asia keep supply risks elevated, even as hopes of a deal to reopen the Strait of Hormuz offer scope for a correction, analysts said. Investors will track the monthly oil market reports from the Organization of the Petroleum Exporting Countries and the International Energy Agency, along with the American Petroleum Institute's weekly inventory numbers and US government data on crude inventories and imports, they added. The geopolitical situation remains fluid after US President Donald Trump said Washington was considering joining Saudi strikes against Iran-backed Houthi rebels in neighbouring Yemen, following an attack on Riyadh's international airport. "The widening conflict has heightened concerns over energy shipments through the region, including the strategic Bab el-Mandeb Strait," said Navneet Damani, Head of Research - Commodities at Motilal Oswal .

Indian oil refiners change tactics, hire tankers to sail through Hormuz

Refiners are shifting from relying on Gulf producers and traders to transport crude through Hormuz, seeking to reduce the premium paid for cost-and-freight shipments

Russia remains India's top crude supplier in September amid supply squeeze

Russia supplied 1.74 million barrels per day of crude to India in September through September 27, as constrained West Asian supplies limited alternatives for refiners

'Brace for more correction': Mkt outlook cautious after 7 weeks of decline

Nifty 50 matches its seven-week losing streak during the 2020 Covid crash as elevated crude prices, rising US Treasury yields and weak foreign flows weigh on equities

Replacing 1 mn bpd of Russian oil could cost India up to $3.7 bn a year

India may face higher crude costs and tighter supply as refiners look for alternatives to Russian barrels amid US tariff pressure and rising fuel demand

West Asia troubles may exacerbate: Oil minister Hardeep Singh Puri

Oil Minister Hardeep Singh Puri said India has navigated the crisis so far, but closure of key chokepoints could create supply challenges if the conflict escalates