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.
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.
'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.'
Lavrov's comments came two days after Russia accused the US of attempting to prevent India and other countries from buying Russian oil, saying Washington was using a wide range of 'coercive' measures, including tariffs, sanctions and direct prohibitions.
Greer said that India has taken down some digital services taxes and is moving tariffs down.
The Indian Coast Guard intercepted three vessels involved in an international oil smuggling syndicate operating in international waters near Mumbai, uncovering a sophisticated operation that evaded customs duties.
The Kremlin states it has not received confirmation from India regarding a halt to Russian oil purchases, following claims made by former US President Donald Trump. Russia affirms its commitment to strengthening relations with India.
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.
India will maintain multiple sources for crude oil purchases and diversify them to ensure stability in the supply chain with national interests remaining the "guiding factor" for the procurement, Foreign Secretary Vikram Misri said.
The Indian government has not yet responded to Trump's comments yet.
Lavrov said that the US has set itself the objective of 'achieving economic domination', adding further to it that Americans want to control the routes to leading countries to provide its energy sources to them.
The Kremlin has stated that India is free to purchase oil from any country, dismissing claims that India agreed to reduce Russian oil imports. Russia maintains that energy trade with India benefits both nations and contributes to international energy market stability.
Indian stock market indices Sensex and Nifty experienced a significant drop in early trade, reversing a three-day rally. The decline was triggered by a sharp increase in crude oil prices, weak global market trends, and continuous outflows of foreign funds.
Hundreds of Indian seafarers are stranded on vessels carrying crude oil, LPG, and LNG in the Persian Gulf due to the ongoing conflict in the Middle East, causing disruptions to India's energy supplies.
Foreign brokerages have started to cut their year-end targets for the Nifty 50 index amid the ongoing West Asia conflict.
Where are the most oil reserves in the world? Who owns them? Find out!
US President Donald Trump indicated the possibility of further military operations against Iran's Kharg Island, a key oil export hub, claiming previous strikes had significantly damaged its infrastructure.
MEA spokesperson Randhir Jaiswal said India's energy decisions are guided by national interest.
The Indian rupee weakened to a record intra-day low against the US dollar due to a strengthening greenback, continuous foreign capital outflows, and elevated global crude oil prices amidst the West Asia conflict.
An Indian-flagged crude tanker safely departed from the UAE's Fujairah after loading oil, despite an attack on the oil terminal. The Indian government is closely monitoring the situation in West Asia to ensure stable fuel supplies and maritime safety.
Bharat Electronics, Reliance Industries, Mahindra & Mahindra, Larsen & Toubro, InterGlobe Aviation, ICICI Bank and UltraTech Cement were among the other major gainers. Axis Bank, Infosys, Tata Consultancy Services, Trent and Titan were the laggards.
The US has temporarily permitted India to accept Russian oil already on ships to ensure energy supplies amid the conflict with Iran. This short-term measure is not expected to significantly benefit Russia financially.
Rahul Gandhi accuses the government of compromising India's energy security by allowing the US to dictate oil supply relationships, raising concerns about the impact of global conflicts on India's energy access.
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.
The incident came shortly after a spokesperson from Iran's military warned that Tehran could target ports and docks in the United Arab Emirates following recent United States strikes on Kharg Island, a key hub for Iran's oil exports.
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.
Indian stock market indices Sensex and Nifty closed nearly 1 per cent higher, marking their third consecutive day of gains, supported by a slight decrease in crude oil prices and positive global market trends.
Iran is fighting a different war: Older, slower, and in some ways more dangerous. Iran doesn't need to shoot down an F/A-18. It only needs to make the Strait of Hormuz feel dangerous long enough for insurance markets, shipping companies, and oil futures traders to do the rest. Prem Panicker continues his must-read daily blog on the war in the Middle East.
An oil tanker carrying Saudi crude safely reached Mumbai after crossing the war-hit Strait of Hormuz with its tracking system briefly switched off.
If there is one dish that captures the soul of slow cooking it has to be Khichda, an Eid special for the Bohri community.
Amid rising tensions in West Asia, China is urging all parties to cease military operations, following Trump's appeal for help in securing the Strait of Hormuz.
An Indian-flagged crude oil tanker, Jag Laadki, safely sailed from the UAE's Fujairah port despite an attack on the terminal and is scheduled to reach India. The Indian government is working to ensure the safe passage of remaining Indian-flagged vessels in the region.
India's plans to ration the consumption of liquefied natural gas (LNG) and liquefied petroleum gas (LPG) - in response to reduction in their import owing to war in West Asia - may fall short of what is needed to meet domestic needs.
Amid escalating tensions with Iran, President Trump is urging nations dependent on Middle Eastern oil to deploy warships to the Strait of Hormuz to safeguard critical global energy supplies.
Indian benchmark equity indices experienced a significant downturn, with the Sensex plummeting over 800 points and the Nifty falling sharply, driven by rising crude oil prices, geopolitical tensions, and foreign capital outflows.
Jazz up green bell peppersto make a special accompaniment to your rotis or bhakri or bhaath.
Assam has become the first state in India to directly venture into oil production, following the discovery of hydrocarbons at the Namrup-Borhat block.
If the conflict continues for a prolonged period, State-run oil companies may have to review retail fuel prices accordingly.
The Indian rupee fell to a record low against the US dollar due to rising crude oil prices, foreign institutional investor selling, and weak domestic equity market sentiment.
Zunka is festive, quick to rustle up and possesses a homey yumminess. Serve it with bhakris.
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