Russian oil exports to India are set to rise in September, dealers said, as New Delhi defies U.S. punitive tariffs designed to force the country to stop the trade and push Moscow towards a peace deal with Ukraine.
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Brent crude futures fell 50 cents, or 0.73 percent, to $67.55, while West Texas Intermediate (WTI) crude futures fell 51 cents, or 0.80 percent, to $63.64.
Brent crude futures fell 9 cents to $67.13 a barrel, while West Texas Intermediate (WTI) crude futures fell 8 cents to $63.17.
India saved billions of dollars by stepping up imports of discounted Russian oil in the wake of the war in Ukraine, but punitive tariffs imposed by the U.S. that came into effect on Wednesday will quickly undo the gains, with no easy solutions in sight.
Russia's fuel oil shipments went mostly to Saudi Arabia and India in July as Asia and the Middle East remain the key outlets for Moscow's fuel oil and vacuum gasoil (VGO) amid import bans and embargoes in the West.
Brent crude fell 37 cents, or 0.5 percent, to $68.43 a barrel, while West Texas Intermediate (WTI) crude fell 40 cents, or 0.6 percent, to $64.40 a barrel.
Alberta, Canada's primary oil-producing province, is considering investing in Japan's refining sector to decrease its dependence on the US for oil exports.
Refiners in India, among the largest buyers of Russian crude, are planning to trim their purchases in the coming weeks, a modest concession to Washington’s hawks less than a day ahead of a hike in US tariffs, but also a signal that the country has no plans to sever ties with Moscow.
The CEO of the National Iranian Oil Company announced the country has set a new record for oil production.
Brent crude futures rose 29 cents, or 0.4 percent, to $68.02, while West Texas Intermediate (WTI) crude futures rose 36 cents, or 0.6 percent, to $64.02.
The managing director of Karoun Oil and Gas Production Co. announced a historic milestone in March 2025, with daily crude oil output reaching 1 million barrels for the first time.
External Affairs Minister S Jaishankar on Saturday defended India’s energy ties with Russia, saying that New Delhi’s oil purchases were both in national and global interest.
External Affairs Minister S Jaishankar on Saturday defended India’s energy ties with Russia, saying that New Delhi’s oil purchases were both in national and global interest.
India has increased crude oil purchases from Russia since 2022, causing tensions with the US, leading to a 25% penalty tariff on India over the existing 25% reciprocal tariff.
Ukraine attacked the Druzhba pipeline for the third time, halting oil deliveries to Slovakia and Hungary. The European Commission has not reacted so far, but US President Donald Trump said he was very angry.
Brent crude futures rose 12 cents to $67.79 a barrel, while West Texas Intermediate (WTI) crude futures rose 13 cents to $63.65.
Russian Foreign Minister Sergei Lavrov announced Russia and India are exploring joint energy ventures, including oil and gas projects in the Far East and Arctic, amid US tariff increases.
The United Kingdom government imposed sanctions on one Iranian individual and four entities on Wednesday with the accusation of what has been called "facilitating Tehran's cross-border activities”.
The US announced new sanctions Thursday targeting individuals and companies it alleged were facilitating Iran’s illicit oil sales.
Brent crude futures rose 46 cents, or 0.7 percent, to $67.30 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 50 cents, or 0.8 percent, to $63.21 a barrel.
Russia has a “very special mechanism” to maintain crude oil supplies to India despite punishing US tariffs, a senior Russian diplomat posted in New Delhi said Wednesday.