Historically, India was a major buyer of Iranian crude, importing significant volumes of Iranian light and heavy grades due to strong refinery compatibility and favourable commercial terms.
Indian refiners have access to only limited Iranian volumes compared with Russian oil, and even the barrels on offer come with 'too many hassles'.
Cooking oil is often discarded after being used for frying at home or in restaurants. However, a refinery of IndianOil has now won a certification to use the same oil to produce sustainable aviation fuel (SAF), the company chairman Arvinder Singh Sahney said.
An Indian national has reportedly been killed in an attack carried out by Iran using a 'suicide' boat against a US-owned oil tanker near Iraq. The incident has raised concerns about the safety of seafarers in the region.
An Indian crew member was killed after a US-owned oil tanker was attacked near Basra, Iraq. Fifteen other Indian crew members were evacuated.
An Indian national was killed in an attack on an oil tanker off the coast of Oman. The tanker was struck by an explosive-laden unmanned boat, resulting in a fire and explosion.
Of the 1.32 trillion capex target for FY26, State-run oil firms have already spent 1.07 trillion in the first 10 months.
The Reserve Bank of India (RBI) has projected that crude oil prices will average USD 85 per barrel and the rupee will weaken to 94 against the dollar by FY27, according to its bi-annual Monetary Policy report.
Aviation stocks experienced a significant surge following the announcement of a two-week ceasefire between the US and Iran, which led to a sharp decline in crude oil prices. This development has positively impacted stock markets and the broader economic outlook for India.
Indian OMCs have not been buying Iranian or Venezuelan crude which is actually sanctioned by US. OMCs have always complied with the price cap of $60 for Russian oil recommended by the US.
The US has granted India permission to buy Russian oil already in transit to ease global supply pressures amidst the West Asia conflict. This decision comes after India agreed to halt sanctioned Russian oil purchases and substitute them with US oil.
A US-sanctioned tanker carrying Iranian crude oil is heading to India, marking the resumption of oil imports from Iran after seven years.
India is sending a shipment of diesel and petrol to Sri Lanka to help alleviate the country's energy crisis amidst regional instability.
'No one can or will bar India from pursuing its energy goals as it wishes.' 'The US FTA wording may sound more restrictive, but the underlying reality will not undermine India's sovereign energy decisions.'
Private-sector oil refiner Reliance Industries Limited (RIL) last week received a general licence from the United States (US) government to buy Venezuelan oil, an industry executive said.
Replacing over a third of India's oil imports at competitive rates is going to be a challenge, said traders from State refiners, even though some progress was made in the last two months.
Nayara Energy, a private fuel retailer in India, has increased petrol and diesel prices following a surge in global oil prices due to Middle East tensions. This move contrasts with state-owned retailers who continue to freeze prices.
India has refuted claims of payment issues hindering crude oil imports from Iran, clarifying that refiners have the flexibility to source oil from various global suppliers. The Ministry of Petroleum and Natural Gas addressed reports of a tanker rerouting to China, emphasising standard industry practices and secured oil requirements.
Indian companies, however, are now paying a premium of $6-$7 a barrel for Russian oil, compared with discounts of $8-$10 a barrel before the start of the conflict.
S&P Global Ratings warns that Indian oil marketing companies like IOC, BPCL, and HPCL may face reduced profit margins due to rising crude oil prices and government pressure to maintain stable retail prices.
Indian stock market benchmarks Sensex and Nifty closed higher on Tuesday, buoyed by a drop in crude oil prices, a rally in global markets, and strong buying in IT stocks.
A US-sanctioned tanker carrying Iranian crude oil has rerouted mid-voyage from its previously indicated destination of India to China, raising questions about payment issues and the future of India's Iranian oil imports.
The escalating conflict in West Asia has resulted in 19 ships carrying essential energy resources for India being stranded in the Strait of Hormuz, raising concerns about potential disruptions to the country's energy supply.
Indian benchmark indices Sensex and Nifty rebounded sharply on Monday, driven by a correction in crude oil prices due to ceasefire efforts in West Asia and strong buying in bank stocks.
Indian stock market indices Sensex and Nifty experienced a decline in early trade due to surging crude oil prices and ongoing geopolitical uncertainty in West Asia. Foreign fund outflows further contributed to the negative sentiment.
Amidst global energy market volatility driven by the West Asia crisis, Russia has proposed increasing its crude oil and natural gas supplies to India, strengthening bilateral energy ties and aiming for USD 100 billion in annual trade by 2030.
A Palau-flagged oil tanker with 15 Indian crew members was attacked off the coast of Oman, resulting in injuries. The incident occurred amidst rising tensions in the Middle East following attacks between Iran, the US, and Israel.
Analysts warn that global markets are significantly underpricing the risk of an oil price shock, with Brent crude potentially soaring to $150 per barrel if the West Asia conflict escalates or damages critical oil and gas infrastructure. This could lead to severe inflation and economic repercussions, particularly for import-dependent nations like India.
Two more Indian-flagged LPG tankers have begun their journey from the Persian Gulf, navigating the Strait of Hormuz amidst regional conflict, following disruptions caused by recent tensions in the Middle East.
Indian Oil Corporation's (IOC's) Q2FY26 operating profit of 14,600 crore beat Street estimates and was up 16 per cent on a sequential basis. It surged 287 per cent over the year-ago quarter on account of an improved refining performance.
Indian-flagged vessels are navigating the Strait of Hormuz safely despite ongoing tensions in the region, ensuring the continued flow of vital energy supplies to India.
A senior government official confirms that Indian vessels do not require permission to navigate the Strait of Hormuz, despite regional tensions. Several Indian ships, including LPG tankers, have safely crossed the strait, ensuring continued supply of essential commodities to India.
Analysts predict that developments in West Asia and their impact on crude oil prices will heavily influence investor sentiment in the upcoming week. Global market trends, foreign investor activity, and rupee-dollar movement will also play a role.
Foreign investors have aggressively sold off Indian equities, withdrawing over 48,213 crore in the first 10 days of April, following a record 1.17 lakh crore outflow in March, driven by escalating geopolitical tensions in West Asia, rising crude oil prices, and global inflation concerns.
Indian benchmark indices Sensex and Nifty experienced a sharp decline in early trading due to escalating tensions in the Middle East, driving crude oil prices higher. Global market bearishness and foreign fund outflows further contributed to investor unease.
The Indian government has refuted reports suggesting a deal with Iran involving the release of seized oil tankers in exchange for safe passage of Indian vessels through the Strait of Hormuz.
A senior government official asserts India's independence in purchasing Russian oil, stating that US sanctions waivers merely remove friction but do not dictate India's energy policy. The official highlights India's commitment to energy security and affordability for its citizens.
The United States has encouraged India to purchase Russian oil already at sea to mitigate supply shortages and price increases amid the West Asia conflict, according to Energy Secretary Chris Wright. This move is described as a short-term effort to stabilise the market without altering Washington's policy towards Russia.
Foreign Portfolio Investors (FPIs) have withdrawn Rs 19,837 crore from Indian equities in the first two trading sessions of April, extending a significant selling trend from March, driven by geopolitical uncertainty, rising crude oil prices, and a depreciating rupee.
The Ministry of External Affairs (MEA) has refuted reports suggesting a deal with Iran involving the release of seized vessels in exchange for safe passage of Indian ships through the Strait of Hormuz.
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