Indian refiners have access to only limited Iranian volumes compared with Russian oil, and even the barrels on offer come with 'too many hassles'.
Oil India has discovered natural gas reserves off the Andaman Islands, the state-owned firm said without putting an estimate of the size of the find. In a statement, OIL said "occurrence of natural gas" was reported in the second exploratory well Vijayapuram-2 drilled in the Offshore Andaman Block AN-OSHP-2018/1, which the company had won under the Open Acreage Licensing Policy (OALP).
India will restrict crude oil purchases from Russia as part of an agreement reached with the US in exchange for lower trade tariffs, sources said, adding imports will continue for now by refiners such as Nayara Energy, which have no other alternative source. US President Donald Trump announced overnight that the United States will cut the reciprocal tariff on imports of Indian goods to 18 per cent from 25 per cent under a broader bilateral understanding.
Of the 1.32 trillion capex target for FY26, State-run oil firms have already spent 1.07 trillion in the first 10 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.
Indian refiners are negotiating for additional crude cargoes from the US, Russia, and West Africa to ensure adequate supplies amid Middle East tensions. Refineries are maintaining normal processing rates and deferring maintenance to build reserves. The move comes as conflict impacts tanker movements through the Strait of Hormuz, a key energy transit route.
India is well-stocked with inventories of crude oil and key petroleum products, including petrol, diesel, and aviation turbine fuel (ATF), to deal with short-term disruptions as the war intensifies in West Asia, Union Minister of Petroleum and Natural Gas Hardeep Singh Puri said on Tuesday.
Analysts predict India will face oil price volatility and macroeconomic effects due to the escalating Iran crisis, though the country's oil supply chain is not yet structurally insecure.
State-owned Bharat Petroleum Corporation Ltd (BPCL) is willing to dilute a 30-40 per cent stake in its upcoming greenfield refinery in Andhra Pradesh, with Gulf energy major Saudi Aramco and upstream player Oil India Ltd (OIL) likely to join as partners, a senior BPCL executive said.
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.
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.
Suzuki Motorcycle India Ltd (SMIPL) has revised its domestic two-wheeler sales growth estimate for FY27 downwards from 7-8 per cent, citing rising commodity costs due to the ongoing West Asia conflict and its impact on consumer affordability.
Production growth in India's eight core infrastructure sectors slowed to a three-month low of 2.3 per cent in February, impacted by contractions in crude oil, natural gas, and refinery products output.
Assam has become the first state in India to directly venture into oil production, following the discovery of hydrocarbons at the Namrup-Borhat block.
Qatar, India's largest supplier of imported natural gas, has declared force majeure on deliveries following a halt in production in the wake of an Iranian drone strike -- a disruption that has led to a cut in supplies to Indian industry by up to 40 per cent, sources said.
The tanker reportedly switched off its Automatic Identification System (AIS) transponder while navigating the high-risk stretch of the strait and reappeared on tracking systems on March 9.
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.
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.
Petrol diesel price today March 20, 2026: IOCL & HPCL hike premium petrol (XP95, Speed, Power) by 2/litre and industrial diesel by 22/litre. Regular petrol in Delhi 94.77, diesel 87.67 unchanged. Full city-wise rates inside.
Petrol diesel price today March 20, 2026: IOCL & HPCL hike premium petrol (XP95, Speed, Power) by 2/litre and industrial diesel by 22/litre. Regular petrol in Delhi 94.77, diesel 87.67 unchanged. Full city-wise rates inside.
Analysts predict that the ongoing conflict in West Asia, crude oil prices, and global trends will significantly influence the Indian stock market in the upcoming holiday-shortened week. Foreign investor activity and rupee movement will also be crucial.
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 markets recovered from early losses to close higher, driven by value buying in IT and banking shares and a rebound in the rupee.
Sensex plunges over 1,400 points and Nifty slips near 22,250 amid Trump's Iran threat, rising crude oil prices, and FII selling. Here are the key reasons behind today's market crash.
Indian equities on Dalal Street saw volatility as global market trends and fresh tariff concerns linked to Donald Trump impacted investor sentiment. Track Sensex, Nifty50 movement and key market drivers for April 2, 2026.
Even as the benchmark and broader indices were down sharply on Monday due to escalating tensions in West Asia, the Nifty Defence index ended the session in the green.
Indian markets on Dalal Street rallied sharply as easing tensions in the US-Iran conflict and stable oil prices boosted sentiment. Track Nifty 50 and BSE Sensex performance and key global triggers.
Analysts predict that the ongoing conflict in West Asia, crude oil price fluctuations, and the US Federal Reserve's interest rate decision will significantly influence the Indian equity market this week.
Qatar has halted liquefied natural gas (LNG) production after its facilities came under attack amid the ongoing West Asia conflict, disrupting supplies to India and squeezing feedstock availability for key domestic sectors.
Despite international crude oil rates crossing USD 100 per barrel due to Middle East tensions, the Indian government plans to maintain current petrol and diesel prices, ensuring uninterrupted fuel supply across the country.
The family of Dixit Solanki, an Indian seafarer killed in a suspected attack on a merchant vessel off the coast of Oman, has filed a petition in the Bombay High Court seeking the return of his mortal remains.
The Indian government has directed oil refineries to increase LPG production to ensure a stable supply of domestic cooking gas, amidst concerns over potential disruptions from the escalating Middle East conflict and its impact on imports.
Indian stock market benchmark indices Sensex and Nifty experienced a significant decline, driven by escalating tensions in the Middle East and rising crude oil prices.
Analysts predict continued volatility in Indian equity markets due to domestic macroeconomic data, F&O expiry, global developments including US tariff policies, and geopolitical tensions.
Gold and silver prices experienced a significant drop in the national capital due to a global selloff driven by inflation concerns, central bank policies, and geopolitical tensions.
Indian benchmark equity indices Sensex and Nifty experienced a significant crash in early trade, triggered by a sharp increase in crude oil prices and escalating tensions in the Middle East.
The United States, which entered this war in expectation of a short, sharp win along the Venezuela model, is now preparing for deeper involvement in a conflict it does not fully control, without the allies it typically relies on, against an adversary that is not behaving as expected, in a global environment that is already absorbing economic shock. Prem Panicker continues his must read daily blog on the Gulf War.
'The immediate impact for India will be very minimal as the share of Venezuela in our total overseas production is very low.'
The Indian government has revised its natural gas allocation priorities, placing LPG production alongside CNG and piped cooking gas at the top, due to disruptions in imported gas supplies caused by the conflict in West Asia.
India's eight core infrastructure sectors experienced a slowdown in production growth, reaching a two-month low of 4% in January. Crude oil and natural gas output declined, while refinery products remained flat. Overall growth for the April-January period was also lower compared to the previous fiscal year.
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