Oil & Gas
India's crude oil import from US has increased dramatically, new data reveals
India is importing more crude oil from United States. This follows a significant increase since January 2025. Imports have risen by 51% compared to last year. The value of these imports has also increased substantially. India is also importing more LPG and LNG. Discussions are underway for a long-term LNG contract.
India continues to purchase oil from Russia: report rebuts Trump's 'good steps' claim
Hours after US President Donald Trump claimed that he had heard that India is no longer going to buy oil from Russia, government sources said oil refiners continue to purchase crude from Russian suppliers. "Indian oil refiners continue to source oil from Russian suppliers. Their supply decisions are guided by price, grade of crude, inventories, logistics and other economic factors," sources were quoted as saying by news agency ANI. Earlier, Trump had said while speaking to reporters on Friday, "Well, I understand India no longer is going to be buying oil from Russia. That's what I heard. I don't know if that's right or not, but that's a good step. We'll see what happens."
US-Russia-India tensions could spark crude oil prices to touch $80 per barrel
Oil market experts predict Brent crude oil prices will likely surge to USD 80 per barrel due to escalating US-Russia tensions threatening global oil supplies. Potential sanctions and tariffs on countries trading with Russia, initiated by the US, could further inflate prices. Disruptions in Russian oil flow could push prices even higher, potentially reaching USD 100-120 per barrel.
Indian Oil refiners continue to source oil from Russia
Sources reveal that Indian oil refiners continue to procure oil from Russia, driven by economic factors and adherence to international norms. Despite global concerns and price volatility, India's strategic sourcing has ensured affordable energy and market stability. While adhering to international frameworks, India's approach has contributed to global energy stability.
ATF price hiked 3%, commercial LPG rate cut by Rs 33.50
Aviation turbine fuel prices have increased by 3% due to rising international oil rates, adding to the financial strain on airlines. Simultaneously, commercial LPG cylinder prices saw a reduction of Rs 33.50, marking the fifth consecutive decrease. However, domestic LPG rates remain unchanged, while petrol and diesel prices are still frozen since the cuts last year.
Nayara Energy looks inward as overseas options shrink
Hit by EU sanctions due to Rosneft's stake, Nayara Energy offered its export volumes of petrol and diesel to Indian state-run refiners. The company, operating its refinery at 80% capacity, reiterated its commitment to India's energy security. Nayara plans to invest ₹70,000 crore in petrochemicals, ethanol plants, and infrastructure expansion, despite the challenges.
Indian fuel exports escape Trump's tariff net, no Russian penalty yet
In a significant move, the US has lifted import duties on India's petroleum exports, allowing for smoother trade flows. Meanwhile, the details of Donald Trump's potential penalties regarding India's energy and defense relationships with Russia remain unclear.
Tankers with Russian oil idle off India as refiners seek steer
Several oil tankers carrying Russian crude are currently stationed off India's western coast, facing scrutiny amid pressure from the US and EU. These tankers, including sanctioned vessels like the Achilles and Destan, are waiting to discharge at Sikka, serving major refiners. India's increased reliance on Russian oil imports has drawn attention, prompting concerns and potential penalties.
Tariffied, oil PSUs stop buying Russian crude in spot market
Following US tariffs and penalties on India's trade relationship with Russia, state-run refiners like IOCL, BPCL, HPCL, and MRPL have ceased spot market purchases of Russian crude oil. This shift will likely increase costs as refiners turn to Middle Eastern and other sources. Reliance Industries and Nayara Energy, however, may continue their term-based Russian oil procurement.
US sanctions six Indian firms over Iranian petrochemical imports
The United States has sanctioned six Indian companies. These companies are accused of importing petrochemicals from Iran. The sanctioned companies are based in Chennai and Mumbai. The US alleges these firms violated sanctions on Iranian products. The Iranian embassy in India has criticized the US action. They claim the US is weaponizing the economy against independent nations.
Must Watch
Commercial LPG cylinder price cut by Rs 33; no change in domestic cylinder rates
Oil marketing companies have reduced the price of 19 kg commercial LPG cylinders by ₹33.50, effective August 1, bringing relief to businesses. This follows a series of price cuts in recent months, driven by a drop in crude oil prices. While domestic LPG prices remain stable, increased adoption has doubled connections to 33 crore households.
Indian state refiners pause Russian oil purchases, sources say
Indian state refiners halt Russian oil purchases recently. This is due to shrinking discounts and warnings from U.S. President Donald Trump. Trump threatened tariffs on countries buying Russian oil. Private refiners continue purchases under existing deals. Refiners are now seeking alternative supplies from the Middle East and West Africa. Russia is currently India's top oil supplier.
India oil refiners squeezed by anti-Russia push from US and EU
Indian refiners are facing pressure as the US and EU intensify efforts to curb Russian oil flows. President Trump announced a 25% tariff on Indian exports, criticizing its Russian imports. State-run refiners are rushing to secure alternative crude, including from the Middle East and West Africa. Rising prices, reduced Russian supply, and geopolitical uncertainties have added to their challenges.
Rosneft-backed Nayara Energy withdraws case against Microsoft from Delhi HC after restoration of services
Nayara Energy, facing EU sanctions as a major buyer of Russian oil, sued Microsoft in Delhi High Court after its services were suspended. Accusing Microsoft of corporate overreach, Nayara argued the abrupt suspension impacted critical operations. Microsoft restored services, leading Nayara to withdraw its petition, with the court granting leave to re-approach if similar issues arise.
ABB India enables automation of THINK Gas network in 10 states
ABB India has implemented a system for THINK Gas. This system automates and digitalizes THINK Gas's city gas distribution network. The network spans 10 Indian states. ABB's cloud-based platform centralizes operations. It provides real-time visibility from Chennai. The system monitors and controls gas distribution. It supplies Compressed Natural Gas to over 500 fuel stations.
Indian refiners likely to face headwinds from new EU sanctions against Russia: ICRA
Indian refiners may face setbacks due to the EU’s 18th sanctions package against Russia, which bans imports of refined products made from Russian crude via third countries. Indian exports to the EU, worth $14.3 billion in FY25, are at risk. The sanctions also lower the crude oil price cap and restrict transport services, limiting market access for India and others.
