Indian Oil Corp bought six million barrels of crude from West Africa and the Middle East, traders said, as the Asian country steered clear of Russian oil in New Delhi's push for a trade deal with Washington.
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German energy giant RWE on Friday agreed to explore sourcing liquefied natural gas from the United Arab Emirates’ ADNOC, as Europe looks to diversify its energy supply away from the United States.
Indian refiners are avoiding Russian oil purchases for delivery in April and are expected to stay away from such trades for longer, refining and trade sources said, a move that could help New Delhi seal a trade pact with Washington.
The European Union’s energy chief said the bloc is growing increasingly concerned about its dependence on US liquefied natural gas, particularly in the wake of President Donald Trump’s threats to take over Greenland.
US President Donald Trump has removed the 25 per cent tariffs it imposed on India for purchasing Russian oil, citing that the country has undertaken "significant steps" and New Delhi has committed to stop directly or indirectly importing oil from Moscow.
Reliance Industries has partially unloaded a cargo of jet fuel in Italy. This is India's first export to the region since the EU ban on petroleum products derived from Russian oil came into effect on January 21, according to shipowners' data and trading sources, Reuters reports.
Indian Oil Corporation (IOC), India’s leading state-owned refiner, reported a dramatic more than four-fold increase in third-quarter net profit on Thursday, driven by significantly improved refining margins amid a sharp drop in global crude oil prices.
India will diversify its energy sources as a strategy amid changing global circumstances and ensure energy security for its citizens, Trade Minister Piyush Goyal said on Wednesday, days after the U.S. said New Delhi will halt Russian oil purchases.
Indian refiners have not been told by the government to stop buying Russian oil and would need a wind-down period to complete purchases already in process, two refining sources said on Tuesday, following a trade deal with Washington.
A rare combination of rising fuel demand and expanding refining capacity is drawing global commodity traders to India, with firms such as Trafigura seeking long-term partnerships with state oil companies.
The 64th Meeting of the Joint Ministerial Monitoring Committee (JMMC) took place via videoconference on Sunday, February 1, 2026.
US President Donald Trump said India will buy crude oil from Venezuela instead of Iran, Roydad Naft News Agency correspondent reports.
India's Bharat Petroleum Corp (BPCL) is scouting global opportunities, ranging from acquisitions to strategic investments in solar, wind and hydropower, a senior official at the state-run refiner said on Friday.
OPEC+ is likely to keep its pause on oil output increases for March when it meets on Sunday, five delegates told Reuters, even as crude climbs above $70 a barrel on concern the U.S. could launch a military strike on OPEC member Iran.
The United States is handing over to Venezuela a tanker that it seized this month, two U.S. officials told Reuters on Wednesday.
Indian Oil Corp anticipates a significant surge in its annual diesel exports, potentially reaching up to 5 million metric tons by 2027 due to expanded refining capacity.
U.S. energy major Chevron is pressing Iraq for higher returns on the giant West Qurna 2 oilfield as a condition for stepping in to buy and operate the asset from Russia’s Lukoil, three sources with knowledge of the discussions said.
India’s state-run Hindustan Petroleum Corp Ltd (HPCL) is planning to import Venezuelan crude oil for the first time to expand its activities in the processing of heavier grades in its new fiscal year (FY) beginning in April, Chairman Vikas Kaushal said.
Where exactly is the expected supply glut in the global crude market?
Canada and India will pledge to expand trade in oil and gas as the countries reboot their relationship after a diplomatic chill.