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.
INTERNATIONAL Feed Atom
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.
India's state-run gas utility, GAIL, is seeking a 26% stake in a US LNG project and a 15-year gas sourcing contract amid ongoing tariff talks.
Indian national Jugwinder Singh Brar owns multiple shipping companies with nearly 30 vessels, many of which operate as part of Iran's "shadow fleet," according to the US Department of the Treasury's Office of Foreign Assets Control.
Saudi Armco rekindled interest in India's refinery plans, despite setbacks, as Bharat Petroleum Corp. and Oil and Natural Gas Corp.'s strategic move opens another opportunity.
The US on Thursday imposed new sanctions on entities and vessels linked to Iran’s oil industry, stepping up pressure on Tehran just days before talks between the two countries in Oman.
President Trump’s trade war has triggered a drop in oil prices, giving Saudi Arabia a narrow chance to reassert control over OPEC+ and discipline non-compliant producers. However, Riyadh faces limits in sustaining a price war due to its economic reliance on high oil prices and growing internal alliance tensions.
Indian Oil Corporation plans to invest ₹61,000 crore in a petrochemical complex in Odisha, following a preliminary agreement with the Odisha government.