Page 12 - Crude Oil

India's Russian crude imports fall 12% in January from December, shows data

Indian refiners have been redrawing crude import strategies in recent ​months to shift away from top supplier Russia and boost imports from the Middle East

Falling Russian crude oil imports drag down pvt ports' growth to 2% in FY26

In comparison, central government-owned ports grew 9%

Budget 2026: State-run upstream players may lower spending for FY27

The capital expenditure of ONGC, country's largest oil and gas exploration player, is seen declining over six per cent to Rs 30,000 crore in FY27

Sensex recovers 1,279 pts from day's low; check key reasons for the rally

The rebound came after a sharp-sell off witnessed during the special trading session on Sunday, February 1, 2026 as Finance Minister Nirmala Sitharaman presented the Budget 2026

BPCL seeks $10-12 per barrel discount on Venezuelan crude for viability

The refiner is now able to process heavy Venezuelan crude at its Kochi and Bina refineries, following upgrades that have enhanced the complexity of its refining system

Will offer 'attractively priced' energy to India: Canada minister Hodgson

India and Canada are looking at boosting energy trade focused on oil, LNG and LPG

Offers of Venezuelan oil limited, most going to US, say Indian refiners

Indian refiners say only small volumes of Venezuelan crude are being offered as most supplies are directed to the United States

Hindustan Petroleum likely to consider processing Venezuela crude oil

Refiner was unable to do so earlier due to the crude's high acidic nature

India's oil bill plunges 8.5% in December amid falling crude prices

The country benefited from lower crude oil prices, driven by an oversupplied global market and subdued demand conditions

Crude oil price outlook: Brent crude to average $56 in 2026, WTI near $49

Global inventories are expected to build by an average of 2.8 mbpd through the first half of the year, marking the largest surplus in recent memory

India slips to third among Russian oil buyers as US sanctions tighten flows | India-US | Trump

India has dropped to third place among buyers of Russian fossil fuels, after a sharp fall in crude imports in December 2025. New US sanctions on major Russian oil producers have disrupted supplies

India slips to third among Russian fossil fuel buyers amid sanctions

India's Russian fossil fuel imports fell sharply in December, pushing it to third place as Reliance and state refiners cut crude purchases amid sanctions and price caps

Best of BS Opinion: Fresh US tariffs could wipe out India's goods exports

Today's Best of BS Opinion covers US tariff threats linked to Russian oil, the Grok AI content debate, small finance banks' record, cracks in India's growth story, and a Cold War spy tale

Will shoot first, ask later: Denmark warns US against Greenland invasion | Trump | US News | Nato

Denmark has sent a strong signal to Washington, warning that its troops are authorised to respond immediately if Greenland is threatened.

500% tariffs on Russian oil buyers?: What the new US Bill means for India | Trump tariffs | India-US

US President Donald Trump has signalled support for a bipartisan Bill that proposes sweeping penalties on countries buying Russian oil.

US to receive up to 50 million barrels of Venezuelan oil: What Trump has announced | US-Venezuela

US President Donald Trump has announced that Venezuela’s interim authorities will hand over up to 50 million barrels of sanctioned oil to the United States.

Saudi Arabia cuts oil prices again: What it means for Asia and India | US-Venezuela conflict

Saudi Arabia has cut the price of its flagship crude oil to Asia for the third straight month, signalling persistent oversupply in global oil markets.

RIL denies report on Russia oil purchase, share price tumbles over 4%

The stock of Reliance Industries declined 4.5 per cent and ended the session at ₹1,508.90, its biggest one-day decline since June 4, 2024

Venezuela needs $183 bn till 2040 to boost crude oil output to 3 mbpd

Venezuela produces only about 0.8 per cent of global crude output despite holding 18 per cent of the world's oil reserves, reflecting years of underinvestment and infrastructure constraints

Crude oil prices may fall to $50/barrel by June 2026, says SBI report

Crude oil prices are expected to soften significantly in 2026, and they could touch USD 50/barrel by June 2026, a report said on Monday. According to the SBI Research report, the deceleration of prices is likely to be faster, and this could average CPI inflation for FY27 decisively below 3.4 per cent. Benign energy prices will impact the GDP outlook favourably, it said, adding that the expected impact on annual GDP growth is around 10-15 bps. The medium-term trends since 2022 for Brent and Indian basket show that there has been a downward trend in crude prices, it added. The latest event in Venezuela has not impacted the price significantly on the upside, the report pointed out. Brent crude price has been hovering around USD 60 per barrel for the last one week. Since oil prices constitute the largest component in the import basket and cannot be substituted with domestic production in the short term, contraction of the import bill on account of crude import prices will impact the