Page 2 - Russia Oil Production

EU urges US to strictly enforce G7 price cap on Russian oil exports

G7 finance ministers said on Monday they were ready to release oil from strategic reserves ​to help lower prices, if necessary

Trump weighs easing Russia sanctions, other measures to cool oil prices

Trump told reporters in Florida on Monday that his administration was lifting sanctions on some countries as part of efforts to stabilise the oil market, but declined to provide details

SBI shuns payments for Russian oil despite US waiver amid uncertainty

The state-owned bank believes that engaging in such business could expose it to risks as it has a sizable loan portfolio in global markets, and also hurt its reputation

Oil falls over 6% as Trump predicts de-escalation in West Asia conflict

Shortly after settlement, prices turned negative following news of a phone call between US President Donald Trump and Russian President Vladimir Putin

Why India needs Russian oil: Energy security outweighs US pressure

Oil prices have already risen 23.6 per cent, from about $72 per barrel a day before the war began on February 28 to around $89 per barrel now

US energy chief defends Russian oil waiver; says gas price spike 'brief'

Wright told CNN's 'State of the Union' that the waiver can help 'tamp this fear of shortage of oil, tamp the price spikes and the concerns we see in the marketplace'

US waiver unlocks Lukoil, Rosneft crude oil for India amid West Asia crisis

India is exploring alternative LNG and LPG supplies to bypass the Strait of Hormuz as officials clarify that the US sanctions waiver covers Rosneft and Lukoil crude stranded at sea

US Treasury Secretary Bessent nuances, thanks America's global partners

After controversy over remarks that the US "permitted" India to import Russian crude, Scott Bessent thanked international partners for helping stabilise global energy markets

US may 'unsanction' more Russian oil after allowing India to buy: Bessent

US Treasury allows India to buy Russian oil already en route, signalling possible easing of sanctions on other Russian oil to address global supply gaps, says Scott Bessent

West Asia crisis: India bulks up Russia oil; US allows 30-day waiver

Now at a premium, Russian crude imports surge after start of war in West Asia

Indian refiners seek legal clarity on buying Russian oil under US waiver

The US on Thursday allowed Indian refiners a 30-day waiver from sanctions to buy Russian oil loaded on vessels as of March 5. Approval related to Russia's oil sale to India is valid until April 4

Russian Urals crude price tops Brent in India as Iran war tightens supply

The US-Israeli war against Iran, ​which began a week ago, has choked the Strait of Hormuz, the main route for global ‌oil

Iran war has driven surge in global demand for Russian energy, says Kremlin

The conflict, now in its seventh day, has left the Strait of Hormuz nearly shut, cutting countries around the world off from about a fifth of global oil and liquefied natural gas supplies

Indian refiners move quickly to buy Russian oil after US relaxes curbs

There's around 15 million barrels of Russian crude on tankers in the Arabian Sea and the Bay of Bengal, while vessels carrying another 7 million are idling near Singapore

HPCL resumes Russian crude oil purchases after three-month gap: Report

State-run HPCL resumes Russian oil purchases after a three-month gap, booking two discounted cargoes as Moscow's share in India's crude imports shows signs of rising again

From bakeries to salons, Russian firms struggle under wartime tax policy

Denis Maksimov's bakery in suburban Moscow became famous overnight after he appeared on President Vladimir Putin's annual call-in show in December. Standing in front of the bakery - called Mashenka, after his oldest daughter - he pleaded with Putin via video to look into new tax reforms that are significantly increasing the burden on small businesses like his. "We understand very well that it's not an easy situation for the country. We understand that raising taxes is necessary," Maksimov said. "We're looking ahead without optimism, frankly speaking. Many (businesses) will close down." As Putin's full-scale invasion of Ukraine marks four years, the mounting pressure on Russia's economy is starting to show. Oil revenues are dwindling, the budget deficit is up, and military spending that fueled robust growth has leveled off. The Kremlin is now tapping consumers and small businesses for funds. The value-added tax has been raised by 2% and revenue thresholds for requiring businesses to

Cuba-bound tanker carrying Russian fuels set to test Trump blockade

Pressure on Havana has been mounting since late last year, when US forces seized a ship carrying Venezuelan crude to Cuba

Got India's commitment to stop buying Russian oil: US Secretary of State

US Secretary of State Marco Rubio has said that India has committed to stop buying Russian oil, days after New Delhi reiterated that "national interests" will be the "guiding factor" for India's energy procurement. US President Donald Trump, while announcing a trade deal with New Delhi early in February, claimed India had agreed to not procure crude oil from Russia. Since then, the US has claimed multiple times that India will stop buying oil from Russia. Speaking at the Munich Security Conference on Saturday, Rubio said, "In our conversations with India, we've gotten their commitment to stop buying additional Russian oil." Rubio was responding to a question on the Russia-Ukraine war and the sanctions imposed on Moscow. After announcing the deal, in an executive order, Trump rolled back an additional 25 per cent tariffs on India that he imposed in August last for India's procurement of crude oil from Russia. Earlier, India had said that it would maintain multiple sources for crud

China could end Russia-Ukraine war with one call, says US Nato envoy

China and Russia have forged an even tighter partnership since the start of the war, and Russia relies on China for critical parts and components for drones and other war material

National interest is guiding factor: Vikram Misri on India's energy imports

Foreign Secretary Vikram Misri said India's energy import decisions are driven by national interest, diversification and price stability, amid scrutiny of Russian oil imports, global market volatility