India's Union Petroleum and Natural Gas Minister, Hardeep Singh Puri, hopes for a potential reduction in petrol and diesel prices, pending stable global crude oil prices for the next two to three months.
INTERNATIONAL Feed Atom
The European Union has imposed sanctions on India's Nayara Energy's Vadinar refinery in Gujarat, as part of its 18th sanctions package targeting Russia's energy sector. The move aims to curb Russia's war budget but has sparked India's criticism of the EU's energy trade standards.
State-run Oman LNG has signed a sales and purchase agreement (SPA) with Swiss-based Dutch multinational energy and commodity trader Vitol, the company revealed on May 19.
An Iranian missile attack on Israel's Haifa Bay refinery has caused estimated damages ranging between $150 million and $200 million, according to statements from Bazan Group, the facility’s operator.
India's Russian crude imports increased to 1.75 million barrels per day in H1 2025, retaining Russia's 35% share of the Indian oil market. However, the shrinking discount on Urals crude indicates a fading advantage, with shipping costs dropping.
NATO warns major economies like India, China, and Brazil of severe secondary sanctions if they maintain trade relations with Russia, especially in oil and gas, amid US pressure.
Brent crude fell 32 cents, or 0.5 percent, to $68.89 a barrel. U.S. West Texas Intermediate crude fell 44 cents, or 0.7 percent, to $66.54.
India may face economic consequences as the US considers a 500% tariff on Russian energy imports, disrupting India's energy strategy and raising oil prices.
Brent crude futures rose 58 cents, or 0.8 percent, to $70.94 a barrel, while U.S. West Texas Intermediate crude futures rose 59 cents, or 0.9 percent, to $69.04.
India ramped up crude oil imports from Russia to 2.08 million barrels per day in June — the highest level since July 2024 — as refiners boosted stockpiles during the Israel-Iran conflict, according to data from Kpler. Despite a 6% overall drop in India’s global crude imports, Russian oil shipments rose 8% month-on-month, underscoring Moscow’s continued dominance as India’s top oil supplier following Western sanctions.
India's Minister of Petroleum and Natural Gas, Hardeep Singh Puri, announced a bold energy security roadmap, aiming for energy independence by 2047 and net-zero emissions by 2070.
US President Donald Trump is seriously considering imposing 500% tariffs on countries, including India and China, that buy Russian energy.
Crude oil exports from Saudi Arabia to China are seen reaching the highest level in two years in August, Reuters reported today, citing half a dozen unnamed trade sources.
Brent crude futures rose 76 cents, or 1.11 percent, to $69.40 a barrel. U.S. West Texas Intermediate crude rose 82 cents, or 1.23 percent, to $67.39 a barrel.
India needs to increase its petrochemical production capacity to meet local and global demand and contain China's growing dominance of the sector, a senior Reliance Industries official said on Friday.
India Ltd has signed a 15-year gas sale and purchase agreement with GAIL (India) Ltd to supply up to 900,000 standard cubic metres per day of natural gas from its Bakhri Tibba block in Rajasthan to a power plant operated by Rajasthan Rajya Vidyut Utpadan Nigam Ltd.
Oil markets are absorbing OPEC+ production increases without building inventories, which means they are thirsty for more oil, United Arab Emirates' Energy Minister Suhail al-Mazrouei said on Wednesday.
India plans to source about 10% of its cooking gas imports from the U.S. beginning in 2026 as part of a broader effort to boost energy purchases to narrow its trade gap with Washington, four industry refining sources familiar with the matter said.
Minister of Petroleum and Natural Gas Hardeep Singh Puri said on Monday that the government is looking at various projects in Norway with an eye on expertise to upgrade and expand India’s energy capabilities.
With a refining capacity of 2.237 million barrels per day, Iran holds a 16% share of OPEC’s total refining capacity, making it the second-largest refiner among the organization’s member countries. Iran also accounts for 2.1% of global refining capacity.