Page 3 - Crude Oil

Sanctions complicate issues: China FM on US tariffs on Russian oil imports

China's Foreign Minister Wang Yi has rebuffed the US call to G7 countries to impose tariffs on countries purchasing oil from Russia, saying that war cannot solve problems and sanctions only complicate them. China does not participate in or plan wars, and what China does is to encourage peace talks and promote political settlement of hotspot issues through dialogue, Wang Yi said in an apparent reference to US Treasury Secretary Scott Bessent's call to G7 ministers to impose sanctions on countries importing oil from Russia to stop the Ukraine war. A US Treasury Department statement said on Saturday that Treasury Secretary Bessent during a call with G7 finance ministers, reiterated President Donald Trump's call to G7 countries that if they are truly committed to ending the war in Ukraine, they should join the US in imposing tariffs on countries purchasing oil from Russia. China is a responsible major country and also a country with the best record on peace and security issues, Wang sai

Russian crude oil supply remains steady despite sanctions pressure

In first nine days of Sep, loadings for India stood at 1.55 million bpd, as against August loadings of 1.49 million bpd

Crude oil rises on modest Opec+ output hike, Russia supply concern

Brent crude rose 47 cents, or 0.7%, to $66.49 a barrel by 0910 GMT, while U.S. West Texas Intermediate crude climbed 72 cents, or 1.2%, to $62.98

Oil prices likely to drop further as Opec+ boosts output from October

Beginning April this year, Opec+ had been increasing production every month. The latest September production increase fully reversed the 2.2 million bpd voluntary cut

Tariffs on Russian oil buyers can bring Putin to table, says Trump official

US Treasury chief Scott Bessent urged Washington and Europe to tighten oil tariffs, saying joint action could weaken Russia's economy and push President Putin towards peace talks

US, UAE boost oil flows to India amid Trump's tariff pressure on Russia

India has leaned on the US and UAE to boost spot purchases of crude oil this year to cover immediate needs and navigate geopolitical tensions

Sanctions on nations buying Russian oil can hurt Moscow economy: Bessent

US Treasury Secretary Scott Bessent on Sunday said that the Russian economy will collapse if Washington and the European Union impose more secondary sanctions on countries that buy crude oil from Moscow. Bessent, in an interview to NBC News, said that President Donald Trump and Vice President J D Vance had a very productive call with President of the European Commission Ursula von der Leyen, who followed up with a call with him on Friday and they discussed what the US and European Union (EU) could do to put more pressure on Russia. The Trump administration has imposed an additional 25 per cent tariff on India for its purchases of Russian oil on top of the 25 per cent reciprocal tariffs announced earlier, bringing the total duties imposed on New Delhi to 50 per cent, with effect from August 27. The treasury secretary said the US is prepared to increase pressure on Russia, but we need our European partners to follow us. We are in a race now between how long can the Ukrainian military

Opec+ set to raise crude oil output further from October, says Iraq

That increase, which equates to about 2.4% of world demand, was intended to boost market share amid pressure from US President Donald Trump for lower oil prices

India will continue to buy Russian oil as required, says FM Sitharaman

Finance Minister Nirmala Sitharaman said India will keep buying Russian oil, stressing that the country's energy decisions are guided by national interest and citizens' needs

Low prices, high GST: Double whammy for upstream energy companies

GST Council recommends raising GST on oil and gas exploration services from 12% to 18%, potentially impacting the margins of Indian upstream companies facing declining energy prices

OMCs cut commercial LPG cylinder prices by ₹51.50 from September 1

Oil marketing companies have reduced 19 kg commercial LPG cylinder prices by ₹51.50 effective September 1 while domestic cylinder prices remain unchanged

Crude oil: Bearish long-term outlook, WTI to hit $60 by Q4CY25, say analyst

Since the conclusion of the Iran-Israel conflict, oil prices have retreated and stabilised within a broader trading range of around $6 per barrel

India engages second US lobbying firm ahead of 50% export tariff hike

The move follows concerns that India was outpaced by Pakistan in influence over US policy and criticism over its continued purchase of discounted Russian crude oil

Private sector refiners gain big from India's Russian crude oil savings

Unlike their public-sector counterparts, private players export a large portion of their output to Europe and Asia at lucrative prices

India, Brazil looking to strengthen oil ties amid high US tariffs: Report

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

Russia expects India to keep buying its oil, seeks China-India-Russia talks

The US pressure on India for its procurement of Russian crude oil is "unjustified", a senior Russian diplomat said on Wednesday. We are confident that India-Russia energy cooperation will continue notwithstanding the external pressure, Russian Deputy Chief of Mission Roman Babushkin said. It is a "challenging" situation for India, he said at a media briefing and added that, we have "trust" in our ties with New Delhi. In the context of Western punitive measures against Russia, Babushkin said the sanctions are hitting those who are imposing them. To a question, he said the role of BRICS as a stabilising force will increase amid the ongoing global turbulence. His remarks came against the backdrop of strain in India's ties with the US following President Donald Trump doubling tariffs on Indian goods to 50 per cent that included an additional penalty of 25 per cent for purchasing Russian crude oil. US President Trump this month issued an executive order slapping an additional 25 per c

Core sector growth falls to 2% in July against 6.3% in same month last year

Eight infrastructure sectors' growth slowed down to 2 per cent in July 2025 from 6.3 per cent in the same month last year, according to official data released on Wednesday. The core sector's output growth was 2.2 per cent in the previous month of June. The production growth was dragged by five key sectors of coal, crude oil, natural gas, and refinery products, which recorded a decline in output in July. In April-July of this fiscal year, the eight infrastructure sectors expanded by 1.6 per cent, compared to 6.3 per cent during the same period last year.

India's richest families benefit from Russian crude oil deals: Bessent

"They are reselling, they made $16 billion on excess profits - some of the richest families in India," he said

India's oil reforms to blunt US and European Union supply coercion

The government has no say in where the country's refiners source oil from because these are commercial transactions, the official reiterated

Crude oil prices fall ahead of Trump-Putin meeting at Alaska summit

Brent crude futures were down 89 cents, or 1.3 per cent, at $65.95 a barrel by 1315 GMT. U.S. West Texas Intermediate crude futures were 97 cents, or 1.5 per cent, lower at $62.99