Page 6 - Crude Oil

India's crude oil bill down 15% in H1; Russia imports up in October

Overall imports dip to $60.7 bn from $71.2 bn last year

US, Saudi Arabia vie for larger share of India's crude oil import pie

Amid global oversupply, the US is emerging as a cost-competitive oil supplier to India, challenging Saudi Arabia and other Gulf producers even as Russian barrels dominate

India casts doubt after Donald Trump claims its Russia oil buy to end

India 'broad-basing and diversifying' its sourcing of energy, says MEA

Crude oil declines more than 2% on US-China trade tensions, IEA report

Brent crude futures fell $1.38, or 2.2%, to $61.94 a barrel by 1248 GMT, while U.S. West Texas Intermediate crude was down 2.3%, or $1.37, at $58.12. Both contracts were at a five-month low

Indian refiners likely to import more Russian oil as discounts deepen

Discounts on Urals crude loading in November are $2-to-$2.50 a barrel to Dated Brent, making it attractive

An uncertain pivot: India's energy sector battles taxes, global turmoil

Energy security was what was occupying the minds of officials from India's oil ministry in 2024 when they burnt the midnight oil for months

Economics trumps politics: India's US oil, LNG imports slump sharply

India is guided solely by economics when sourcing oil and LNG rather than geopolitics, and the government does not interfere in decisions by state-oil companies, September data shows

Opec+ likely to approve another crude oil output hike in November

OPEC+ has reversed its strategy of output cuts from April and has already raised quotas by more than 2.5 million barrels per day

India may import US corn for ethanol production as trade talks advance

New Delhi seeks removal of penal tariffs on Russian oil purchases as Washington pushes soybean and corn sales, with both sides aiming to seal a trade pact by fall

Marco Rubio cites progress in ongoing US, India trade talks this week

India's trade minister had been scheduled to visit Washington this week in an effort to accelerate talks after negotiations resumed last week

US pushes to include India's Russian crude imports in trade negotiations

US officials have sought India to include Russian oil purchases in trade talks, even as New Delhi's refiners boost imports

With no exports, sanctions-hit Nayara Energy ups fuel supply to HPCL

Sanctions-hit Nayara Energy is operating at 60-80% of refining capacity and has raised supply of refined products to HPCL as EU curbs ended its exports

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