Brazil's Vice President Geraldo Alckmin invited Indian oil firms to bid in auctions for Campos and Santos basin blocks, confirmed Petrobras deal to supply 6 million crude barrels to India, strengthening bilateral energy cooperation.
INTERNATIONAL Feed Atom
The United States and European countries are increasing pressure on Asian buyers of Russian energy, which could limit India’s oil imports as early as December while making supplies cheaper for China.
Indian multi-sector infrastructure firm Megha Engineering & Infrastructures has won a contract worth $225.5 million from Kuwait Oil Company (KOC), it said on Friday.
The United States and India have held productive trade talks, and Indian refiners are already cutting Russian oil imports by 50%, a White House official told Reuters on Thursday.
President Donald Trump has said Indian Prime Minister Narendra Modi has agreed to stop buying Russian oil, as the US seeks to put economic pressure on the Kremlin as part of efforts to end the war in Ukraine.
India's foreign ministry announced the launch of an Indian-backed oil refinery in Mongolia, funded by a $1.7 billion line of credit, with a daily crude oil processing capacity.
India and the U.S. are resuming trade talks this week, with New Delhi committing to increase U.S. energy and gas imports to address concerns over its Russian oil purchases, aiming for a deal to double bilateral trade to $500 billion by 2030.
Iraq continued to be India’s second-largest crude oil supplier during September.
Nayara Energy, a leading Indian refinery with substantial Russian ownership, is facing challenges due to EU sanctions imposed on July 18, which have limited its access to international markets. The company has shifted its focus to domestic fuel consumption while actively seeking new export opportunities to mitigate the impact.
The United States expects that in the near future India will increase imports of US oil, reducing purchases from Russia. This was stated by the U.s's Treasury Secretary Scott Besant in an interview with the Fox News channel.
Union Minister for Petroleum and Natural Gas Hardeep Singh Puri held discussions with Celso Luis Nunes Amorim, Special Advisor to the President of Brazil, and senior Brazilian officials to strengthen bilateral cooperation in the oil, gas, and energy transition sectors.
After doubling tariffs on Indian goods to 50%, U.S. President Donald Trump is offering India expanded U.S. oil and gas supplies as part of a broader deal.
There is enough supply of Russian oil for Indian refiners in the market as Ukraine's attacks on Russia's energy facilities have reduced its refining capacity and made more crude available, a government official told Reuters on Monday.
Indian state companies ONGC Videsh Ltd and Oil India Ltd have agreed to buy a 10 percent stake in a Mozambique gas field from India's Videocon Group for $2.48 billion, the parent company of ONGC Videsh said on Monday.
President Putin is confident India will continue importing Russian oil despite U.S. pressure and plans to boost Russian imports of Indian agricultural and medical products to balance trade, directing his government to explore suitable proposals.
India is moving to secure its first long-term liquefied petroleum gas (LPG) contracts from the United States, Bloomberg reported. The move comes as Washington’s trade tensions disrupt the global supply of LPG, a key fuel for cooking and an important raw material for plastics.
India’s oil imports from leading supplier Russia dipped in September, but held at about a third of overall shipments in spite of a US push to curb flows it says are helping to fund Moscow’s war in Ukraine.
US Energy secretary Chris Wright, who recently said Washington is keen for India to draw down energy purchases from Russia, is expected to visit India in either November or December.
India’s industrial output slowed to 4% in August 2025 from 4.3% in July, hit by weak consumer demand and US tariffs on Russian oil imports. Manufacturing, capital goods, and consumer non-durables dragged growth, while mining and infrastructure showed resilience.
Brent crude futures fell 43 cents, or 0.6 percent, to $69.70 a barrel. U.S. West Texas Intermediate crude fell 49 cents, or 0.8 percent, to $65.23 a barrel.