Page 7 - Crude Oil

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

Crude oil prices rise as US Fed rate cut, Trump-Putin talks loom

Central banks, like the U.S. Federal Reserve, use interest rates to control inflation. Lower interest rates reduce consumer borrowing costs and can boost economic growth and demand for oil

BPCL buys 10 mn barrels of US crude oil through five-month tender

India, the world's third-largest oil importer, is increasing imports from the United States as negotiations for a bilateral trade agreement continue

PSU refiners eye Russian oil as discounts rise ahead of Trump-Putin talks

Indian state refiners - Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp and Mangalore Refinery Petrochemical Ltd - paused Russian oil purchases last month as discounts narrowed

Gulf Oil Lubricants Q1 results: Net profit increases 10% to ₹96.6 crore

Lubes maker Gulf Oil Lubricants on Thursday reported a 10 per cent growth in standalone profit after tax (PAT) to Rs 96.66 crore during the June quarter. The Hinduja Group firm had posted a standalone PAT of Rs 88.02 crore in the first quarter of last year. Revenue from operations during the quarter under review was Rs 996.36 crore, 13 per cent up from Rs 885.07 crore in the year-ago period, it said. The company further said its board has approved Rs 55-crore capex plan for enhancing manufacturing capacity by 70 per cent to 240 million litres. On a consolidated basis, the company said it achieved revenue from operations of Rs 1,016.45 crore against Rs 894.04 crore, registering a growth of 13.69 per cent and PAT of Rs 95.17 crore, up 13 per cent from Rs 84.3 crore in Q1 FY25. "Our consolidated revenue has crossed Rs 1,000 crore as we concluded the quarter with highest-ever volume, revenue, and EBITDA, driven by strong strategic execution resulting in profitable, volume-led ...

Trump tariff: Russian oil imports may dip in Aug while US' share rises

Over half of the 40 ships carrying Russian oil to India for deliveries this month are uncertain about discharging their cargoes because they will reach India only after August 21

No instructions from govt to stop or continue buying Russian oil: HPCL head

The Indian government has neither directed its oil companies to halt nor continue the purchase of Russian oil, instead allowing them the freedom to make procurement decisions purely based on economic considerations, HPCL's chairman said on Friday. Russian crude oil made up for just 13.2 per cent of all the crude that Hindustan Petroleum Corporation Ltd (HPCL) processed into fuels like petrol and diesel in the April-June quarter, and a complete stoppage of oil from Moscow will not have any "significant" impact, HPCL chairman Vikas Kaushal said at an investor call. US President Donald Trump earlier this week announced he would impose an additional 25 per cent tariff on US imports from India -- raising the overall duty to 50 per cent -- as a penalty for the country's continued imports of Russian oil. Since the steep tariffs are likely to hit the USD 27 billion of non-exempt exports that India does to the US, there has been chatter around stopping or curtailing oil imports from ...

Oil set for steepest weekly losses since June, tariffs cloud demand outlook

Adding more pressure on the oil market, the Kremlin on Thursday confirmed Vladimir Putin would meet Donald Trump in the coming days, raising expectations of a diplomatic end to the war in Ukraine

Nayara seeks India's help to ship fuel as EU sanctions disrupt operations

Nayara Energy has asked the Indian government for help with fuel shipping and payments after EU sanctions disrupted its operations and made it hard to find vessels and banking support