United States has escalated its criticism of India's continued imports, with President Donald Trump imposing tariffs in a bid to dissuade Russia from pursuing its military campaign in Ukraine
BPCL's Q1FY26 profit fell short of expectations as refining margins weakened, though marketing remained robust Analysts caution that rising capex could strain balance sheet
White House trade adviser Peter Navarro's comments around India's purchases of Russian crude funding Moscow's war in Ukraine revived concerns about supply flows
Trump said he had agreed with Putin that negotiators should go straight to a peace settlement - not via a ceasefire, as Ukraine and European allies, until now with U.S. support, have been demanding
On a standalone basis, ONGC's gross revenue dropped 9.3 per cent Y-o-Y to ₹32,003 crore, while net profit fell 10.2 per cent to ₹8,024 crore from ₹8,938 crore last year.
Geopolitical developments are a primary driver of market uncertainty. The Trump-Putin talks could either ease concerns over US sanctions on Russian oil or escalate tensions if negotiations falter.
Brent fell 4.4 per cent over the week, while WTI finished 5.1 per cent lower than last Friday's close
Following US President Donald Trump's decision to raise tariffs on Indian goods to 50 per cent as a penalty for its continued imports of Russian oil, Russian crude has become cheaper than Dated Brent
If effective, the steep 50 per cent tariff would be similar to a trade embargo, and will lead to sharp fall in affected export products, especially ones with thinner margins
Oil prices hit five-week lows as markets await US sanctions decision on Russia. Tariffs on India, crude inventory draw, and Opec+ supply plans also influence Brent and WTI price movements
The Organization of the Petroleum Exporting Countries and its allies, together known as Opec+, agreed on Sunday to raise oil production by 547,000 barrels per day for September
The Global Trade Research Initiative (GTRI) stated that China-not India-is the largest purchaser of Russian oil. In 2024, China imported $62.6 billion worth, compared to India's $52.7 billion
A group of countries that are part of the OPEC+ alliance of oil-exporting countries has agreed to boost oil production, a move some believe could lower oil and gasoline prices, citing a steady global economic outlook and low oil inventories. The group met virtually on Sunday and announced that eight of its member countries would increase oil production by 547,000 barrels per day in September. The countries boosting output, including Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, had been participating in voluntary production cuts, initially made in November 2023, which were scheduled to be phased out by September 2026. The announcement means the voluntary production cuts will end ahead of schedule. The move follows an OPEC+ decision in July to boost production by 548,000 barrels per day in August. OPEC said the production adjustments may be paused or reversed as market conditions evolve. When production increases, oil and gasoline prices ma
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