A potential gas leak incident at Oil India Limited’s (OIL) Well No. 309 in Nagajan village, Lankasi-Kothalguri, Dibrugarh district, caused widespread alarm on Thursday afternoon, reminding locals of the disastrous 2020 Baghjan blowout.
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World crude oil price today, May 2, 2025
Brent crude futures rose 49 cents, or 0.8 percent, to $62.62 a barrel, while U.S. West Texas Intermediate crude futures rose 50 cents, or 0.8 percent, to $59.74 a barrel.
Indian Oil Corporation Ltd (IOCL), the country’s largest oil refiner, has entered into a five-year deal with global commodities trader Trafigura for the supply of liquefied natural gas (LNG), according to trade sources and a company statement.
World crude oil prices today, April 30, 2025
Brent crude futures fell $1.13, or 1.8 percent, to $63.12 a barrel. U.S. West Texas Intermediate crude fell $1.11, or 1.8 percent, to $59.31 a barrel.
Abu Dhabi National Oil Company (ADNOC) will start replacing some of the liquefied petroleum gas it supplies to India with cheaper U.S. cargoes from June, industry sources said, as U.S.-China tariffs rejig global trade flows.
India increased purchases of ESPO Blend oil from Russia in April to the highest level since August 2024 amid weaker demand from Chinese companies, according to LSEG and traders' data.
A growing number of Russian insurance firms, some of which sanctioned by the U.S., have applied with India's authorities to insure tankers shipping Russian crude oil to India, according to various sources familiar with the matter.
Traders and buyers have reshuffled tanker supply chains following the U.S. sanctions on Russia’s oil trade and shadow tanker fleet from early this year. China and India are taking in more Russian oil again in April.
Indian energy importers have reduced the volume of liquefied natural gas they buy from abroad as prices trend higher. Instead, they are buying more oil products, Bloomberg reported.
Saudi Arabia and India have agreed to strengthen cooperation in the energy sector, including crude oil and petroleum product supply and the construction of two refineries.
China National Offshore Oil Corporation (CNOOC) has signed a third LNG supply deal with Abu Dhabi National Oil Corp (ADNOC), strengthening energy ties between China and the Middle East.
India attracted over USD 36 billion investment from nine NELP bid rounds held before 2014, and has so far yielded 177 oil and gas discoveries, according to a report commissioned by the Petroleum Ministry.
Faced with sluggish demand and mounting operational losses, the government is weighing a proposal to supply cheaper, domestically produced natural gas to trucks powered by liquefied natural gas. The move comes after state-run Indian Oil Corporation, the largest operator of LNG retail outlets in the country, was forced to shut down five of its six LNG stations due to lack of business.
Adani Ports and Special Economic Zone Ltd (APSEZ), India's largest private port operator, has announced a $2.4-billion non-cash deal to acquire the North Queensland Export Terminal (NQXT) in Australia, as Adani seeks to jumpstart its global expansion plans.
Saudi Aramco sees India's refining sector as a strategic growth opportunity, with new refineries planned by BPCL and ONGC.
India is committed to increasing exploration acreage to one million sq. km by 2030, and has made policy decisions to get 99% reduction in allowing exploration in “No-Go” areas within India’s Exclusive Economic Zone (EEZ)', he added.
World crude oil price today, April 15, 2025
Brent crude futures were down 50 cents, or 0.8%, at $64.38 per barrel by 1005 GMT. U.S. West Texas Intermediate crude also dipped 50 cents, or 0.8%, to $61.03 a barrel.
The average price of India's crude oil imports fell to below $70 per barrel this month, for the first time since 2021, as international benchmarks plunged amid trade and tariff uncertainty.
World crude oil prices today, April 14, 2025
Brent crude futures rose by 83 cents, or 1.3%, to $65.59 a barrel by 1200 GMT. U.S. West Texas Intermediate crude was up 84 cents, or 1.4%, at $62.34.
OPEC reduced its 2025 global oil demand growth forecast due to first quarter data, US trade tariffs, and reduced economic growth forecasts for this year and next.