Page 8 - Crude Oil

Russian oil offered to India at discounted rates amid tariff pressure

Following US President Donald Trump's decision to raise tariffs on Indian goods to 50 per cent as a penalty for its continued imports of Russian oil, Russian crude has become cheaper than Dated Brent

Nayara seeks Indian bank as EU sanctions disrupt payments for crude oil

Nayara Energy, partly owned by Russia's Rosneft, is struggling to access banking services after EU sanctions and is in talks with Indian lenders like UCO Bank

Garcetti video resurfaces as Trump targets India's Russian oil imports

MEA defends India's oil purchase policy as US President Donald Trump accuses India of 'financing' Russia's war, escalates tariff threats and stalls trade talks

New EU Russia curbs may bolster Indian oil refiners' reliance on traders

In its 18th package of sanctions against Russia the European bloc banned imports of refined petroleum products made from Russian crude coming from third countries

Fire at Iran's largest oil refinery kills 1 in country's southwest region

A fire at Iran's oldest and largest refinery in the southwest killed one person, state media reported Sunday. A leaky pump in an under-repair unit at Abadan refinery caused the fire on Saturday, killing a worker, according to the state-owned IRAN newspaper. Firefighters put out the blaze in two hours and operations remained unaffected, the report said. Iran's deputy parliament speaker, Ali Nikzad, confirmed Sunday that some workers were also injured, media outlets said. Abadan oil refinery, some 670 kilometres from the capital Tehran, began its operation in 1912. It is the biggest in the Islamic Republic, producing about 25 per cent of the country's fuel with more than 5,200,000 barrels of oil refined daily. Several fires have broken out across Iran over the past week at residential and commercial buildings, with authorities saying gas leaks and electrical short-circuiting were to blame. Iran is one of the world's major producers of oil, though sanctions by Western countries have

India's Russian oil imports up slightly in January-June, shows data

India, the world's third-largest oil importer and consumer, received about 1.75 million barrels per day of Russian oil in January-June this year, up 1% from a year ago, the data showed

Crude oil rises to 3-week high as investors eye Trump statement on Russia

Brent crude futures rose 58 cents, or 0.8 per cent, to $70.94 a barrel by 0900 GMT, while U.S. West Texas Intermediate crude futures climbed 59 cents, 0.9 per cent, to $69.04

Crude connection: Refiners eye Canadian shores amid supply disruptions

Heavy grade crude from Alberta can be a stable alternative to Russian Urals

Oil prices rise as Iran suspends cooperation with UN nuclear watchdog

Brent crude added 92 cents, or 1.4 per cent, to $68.03 a barrel at 1125 GMT, while US West Texas Intermediate crude rose 89 cents, or 1.4 per cent, to $66.34 a barrel.

India to build three new strategic oil reserves to boost energy security

The new strategic oil reserves in Bikaner, Mangalore and Bina will boost emergency stockpiles, enhance energy security and aid India's push for International Energy Agency membership

Russian crude flows set to rise despite low discounts, say officials

Russian crude may rise in India's oil mix amid Middle East tensions, but LNG from Qatar and UAE-under long-term contracts-remains hard to replace

Blocking of Strait of Hormuz may impact India's energy procurement: Experts

Any blocking or disruption of traffic through the Strait of Hormuz -- a narrow passage connecting the Persian Gulf to the Arabian Sea -- will have significant global and regional impact, including for India's energy security, strategic affairs experts said on Sunday. Following the US bombing of three major Iranian nuclear sites, Tehran has indicated that closing the Strait of Hormuz for shipping is one of the options on the table to pressure its adversaries. Nearly 30 percent of global oil and a third of the world's LNG (liquefied natural gas) passes through the strait daily and its closure would immediately reduce global supplies triggering a spike in prices, they said. The closure of the narrow passage would have significant global repercussions across energy markets and it will impact India's energy security as well, Dr Laxman Kumar Behera, Associate Professor at Special Centre for National Security Studies at the Jawaharlal Nehru University, told PTI. Behera said any disruption

Petroleum product export earnings fell 13.4% to $3.3 bn in May: PPAC

Lower global crude prices reduced May petroleum export earnings to $3.3 billion even as outbound and import volumes rose and crude processing remained steady

India to lead global oil demand growth by 2030 on economic expansion: IEA

IEA report shows India will add 1 million barrels per day to global oil demand by 2030, driven by GDP growth, rising car use, industrial activity and clean fuel adoption

Datanomics: India gets Russian cushion as Israel-Iran clash heats up oil

The conflict is expected to escalate in the coming days, putting further strain on global oil supplies in the restive West Asian region and making crude oil expensive

Israel-Iran clash: No immediate impact on crude oil supply, say officials

Officials say India's crude and LNG imports remain steady but warn that any hostilities affecting the Strait of Hormuz could threaten oil flows from Gulf partners

Air India crash, crude oil, stock markets, gold tops 1 lakh, Iran-Israel strikes

Investigating agencies have recovered one of the two black boxes from the London-bound Air India flight that crashed in Ahmedabad yesterday.

India's imports of Russian oil hit 10-month high in May, shows data

India's imports of Russian crude oil surged to a 10-month high of 1.96 million barrels per day in May, driven by continued availability at significant discounts compared to global benchmark prices, according to ship-tracking data from Kpler. India, the world's third largest oil importing and consuming nation, bought from abroad around 5.1 million barrels of crude oil, which is converted into fuels like petrol and diesel in refineries. Of this, Russia was the largest supplier, accounting for over 38 per cent of the supplies. Iraq maintained its position as the second-largest supplier, with 1.2 million bpd of sales to India. Saudi Arabia exported 6,15,000 bpd, while the United Arab Emirates (UAE) supplied 4,90,000 bpd. The United States routed out the top five, delivering 2,80,000 bpd, underscoring India's push to diversify import sources and balance geopolitical exposure. "Overall, India's crude import profile for May 2025 highlights its price-sensitive, diversified sourcing strateg

Crude oil price drop likely to result in earnings downgrade for ONGC

Crude oil production was flat quarter-on-quarter (Q-o-Q) and year-on-year (Y-o-Y), while gas production was flat Q-o-Q but declined 6 per cent Y-o-Y

Adani Group denies sanctions evasion, Iran LPG trade amid US probe: Report

The US authorities are probing whether Adani's firms brought Iranian liquefied petroleum gas (LPG) into India via the Mundra port, which his company operates