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Refiners have been urged to prioritize US grades when they seek oil from the spot market via tenders, said refinery executives familiar with the matter.
The country's crude import bill could rise by $3-4 billion a year if India loses access to discounted Russian oil, according to Kpler
Crude has rallied so far in 2026, countering expectations for a market pressured by significant oversupply
In April-November, crude oil imports from Libya, Egypt, Brazil, the US and Brunei increased significantly compared, while those from Russia, Saudi Arabia, Iraq and Venezuela declined
During the ongoing India Energy Week, the two countries said that they will collaborate to promote and strengthen cooperation across trade in the energy sector, including services.
Union minister for petroleum and natural gas Hardeep Singh Puri said that global energy markets are undergoing a change, emphasising that India has diversified its crude sourcing to navigate through the global turmoil.
During the third quarter of the current fiscal, the company incurred an under recovery of Rs 503 crores on LPG sales. In January, the under recoveries stood at Rs 95 per cylinder. The company now expects this to increase to Rs 120 per cylinder going ahead.
Brent dropped as much as 2.9% to trade below $65 a barrel after gaining about 11% over the past week while West Texas Intermediate was near $60
Oil markets have turned nervous once again, as US’ actions in Venezuela and civil unrest in Iran lead to uncertainty. Will higher prices bring equities down is the main question
The attacks risk further disrupting loadings at CPC, where planned shipments have already plunged due to bad winter weather and a mooring damage in a November drone strike.
The recent U.S. move in Venezuela was less about its vast, heavy oil reserves and more about securing a far more valuable prize next door: Guyana’s light, sweet crude
Commodity cycles reward patience more than prediction. The recent rally in gold, silver, and copper have already spoken about it. Crude oil has been silent, but in markets, long silences often precede the loudest moves.
Markets are likely to open sharply on edge Monday after US forces captured Venezuelan President Nicolás Maduro and his wife, charging them with drug trafficking following a major military operation on Saturday.
To supporters, she is exactly the leader BP needs. To critics, she represents an industry choosing regression over reinvention
The visit comes amid a fall in India’s Russian crude oil purchases and ongoing efforts to settle trade in local currencies, alongside talks on energy cooperation and boosting bilateral commerce.
The sharp recovery in oil shipments show Russian suppliers are finding alternate ways to send cargoes and a new sense of confidence among Indian refiners
The engagement could take the form of a roadshow or an exhibition featuring select exporters on December 4, and the next day will include meetings between 75 Indian business leaders and a similar number of Russian executives, sources say.
Brent crude futures settled up 21 cents, or 0.2%, at $63.34 a barrel. U.S. West Texas Intermediate crude futures were up 45 cents, or 0.8%, at $59.10 a barrel by 1:46 p.m. ET (1846 GMT).
Brent crude futures fell 89 cents, or 1.4%, to $62.48 a barrel, while U.S. West Texas Intermediate crude futures also fell 89 cents, or 1.5%, to $57.95 a barrel.
Buyers of Russian oil had until November 21 to wind down dealings with the two firms
Discounted Russian barrels remain attractive for margins, and India’s energy policy continues to prioritise affordability and security, feel experts.
The move reflects a strategic shift in India’s European fuel trade, reducing reliance on northern distribution hubs such as The Netherlands in favour of direct end markets such as Spain
The dollar climbed to a fresh four-month high against the euro on Tuesday as divisions in the Federal Reserve raised doubt about the prospect of another rate cut this year.
Even though crude oil from the US could cost slightly more than the price of Russian oil, Indian lenders have turned increasingly cautious as sanctions have targetted two major Russian energy firms.
Key members led by Saudi Arabia are expected to ratify the revival of roughly 137,000 barrels a day of halted production at the meeting that starts at 5 pm Vienna time
