Page 2 - Crude Oil Supply

India returns to buying Venezuelan oil to ease supply crunch amid Iran war

India is set to import the most oil from Venezuela in almost six years as over 12 million barrels head to its west coast, reflecting a strategic shift amid West Asia supply disruptions

North American oil in demand as world grasps for supplies amid Iran war

Oil grades from Texas and North Dakota to Alberta are surging as refiners compete with rivals in Asia and Europe for barrels after weeks of strangled shipments via the Strait of Hormuz

Dire straits: Prolonged war could alter the global security architecture

Escalating US-Iran conflict and oil disruptions threaten global stability, while shifting alliances signal a weakening of America's geopolitical influence

Govt says India has bought Iranian oil, rejects reports of payment issues

Amid vessel-diversion rumours, the petroleum ministry also said that Indian refiners have secured crude and LPG imports, including from Iran

Ship carrying Iranian oil shifts course from India to China, says Kpler

Iranian crude tanker reroutes from Gujarat to China amid tightening payment terms, underscoring rising sensitivity of oil trade flows during West Asia tensions

Rival nations seize choke points to counter Trump's global strategy

From Iran to China, President Trump's global aggression has encouraged other countries to search for new ways to pressure the US economy

Why closure of Strait of Hormuz leaves Asian nations most vulnerable

Wealthier economies like China, Japan and Singapore, with deep pockets and strategic reserves, can cushion the blow - in the short term at least - but others are more exposed

ONGC plans $20 billion deepwater push amid energy security concerns

ONGC plans to spend $18-20 billion to hire deepwater rigs in its largest exploration push, seeking drillships and semi-submersibles for up to five years to boost production

West Asia war damages over 40 energy assets, risks supply disruption: IEA

The effect of the current disruptions is equivalent to the two major oil crises in the 1970s and the 2022 natural gas crisis after Russia invaded Ukraine 'all put together,' IEA director Birol said

30-day US waiver: Indian refiners upbeat on buying Iranian crude oil

Indian refiners weigh buying Iranian crude and LPG after US issues a 30-day waiver, as energy markets tighten amid the West Asia conflict

Here's why strike on Qatar's Ras Laffan could roil gas markets for years

Missile strikes on Qatar's Ras Laffan LNG hub have hit global gas supply, pushed up prices and may take up to five years to repair, raising fears of a prolonged energy crisis worldwide

West Asia war updates: Iran's Larijani killed; Trump decries Nato snub

The West Asia conflict showed no signs of easing on Day 19, with Israel striking Iran and Tehran confirming Ali Larijani's death; Donald Trump said US-Israel operations are 'proceeding very well'

India stares at steep rise in oil import bill amid West Asia conflict

India's net oil import bill could rise by $56-64 billion annually assuming global crude averages $110-115 per barrel in FY27

India crude supplies secure, govt has stepped up fuel management: Official

A petroleum ministry official said refineries are currently operating at full capacity to meet energy demand, while measures are being taken to stabilise gas and LPG supply

India's Russian oil purchases helping stabilise markets: US ambassador

US Ambassador Sergio Gor said India's ongoing Russian oil purchases are helping stabilise global oil markets amid volatility triggered by the escalating West Asia conflict

Iran targets oil infrastructure as concerns of global energy crisis grow

Israel and Iran exchanged fire early Wednesday as Tehran kept up its pressure on the region's oil industry, hitting a ship in the Strait of Hormuz and targeting infrastructure as concerns grew of a global energy crisis. Iran has effectively stopped shipping traffic through the narrow strait off its coast, through which about a fifth of the world's oil is shipped from the Persian Gulf toward the Indian Ocean. It has also been targeting oil fields and refineries in Gulf Arab nations as part of a strategy that appeared to be aimed at generating enough global economic pain to pressure the United States and Israel to end their strikes. Early Wednesday, Kuwait said its defences had downed eight Iranian drones over the oil-rich nation and Saudi Arabia said it had intercepted five drones heading toward the kingdom's vast Shaybah oil field. A projectile hit a container ship off the coast of the United Arab Emirates in the Strait of Hormuz. The United Nations Security Council was to vote la

IEA floats proposal for largest-ever oil release amid West Asia conflict

IEA members are considering a record release of oil from strategic reserves to stabilise global markets as the West Asia conflict disrupts supply and triggers sharp volatility in crude prices

West Asia war tests India's oil shock absorbers amid supply worries

Strategic reserves offer limited cover as shipping disruptions slow the arrival of replacement barrels

West Asia crisis: Mkts in for another crude week as oil scramble continues

Surging Brent crude and tensions near the Strait of Hormuz threaten to keep Indian markets volatile, with investors watching inflation data and foreign fund flows

StatsGuru: West Asia conflict threatens India's stakes in the region

As the Israel-Iran conflict escalates, India's deep trade, energy and remittance links with West Asia highlight the economic stakes